US$ 610 million investments for Sri Lanka’s Hambanthota harbor project

Aug 24, Colombo: Sri Lanka Ports Authority (SLPA) Chairman Dr. Priyath Bandu Wickrama has said Wednesday the Authority has approved US$ 610 million in investments for the first stage of Hambanthota Magampura Harbor project.

Speaking to Reuters, the Chairman has said that US$610 million from three firms have been approved to start warehousing in a sugar refinery, fertilizer bagging and bottle manufacturing,

India’s Shree Renuka Sugars , Singapore’s Peak Energy and Sri Lanka’s conglomerate Hayleys will together invest $610 million in sugar refining, bottle manufacturing, and fertilizer bag production respectively,Reuters reported citing the SLPA Chairman.

“They will be starting operations before the end of next month. We also have unapproved proposals worth $30 million to start cement manufacturing, vehicle assembling, and building three more warehouses,” Wickrema has said.

They are expected to commence operations next month.

The SLPA last month managed to secure US$ one billion in investments shortlisting 13 investors for the first stage of the harbor project when Request for Proposals (REP) were called.

These investors will be allocated 100 hectares under phase one and an additional 300 hectares under the second phase.

The $1.4 billion port in the Southern coast built with financial assistance from China plans to serve 2,500 ships annually.

Meanwhile, the SLPA has sought 40 million loan from China to demolish a massive seabed rock obstructing the entrance of large ships to the port.

The Chairman said the presence of the rock has been identified before the construction of the port began and the funds have been sought to blast away the rock.

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