Colombo signs box shop deal with China Merchants, Zhanjiang Port Group
Time：2015-12-08
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The pact was signed at Zhanjiang City (pop 6.9 million), the old French Treaty port of Fort Bayard, as part of President Xi Jinping`s One Belt, One Road world transport initiative, reports Lloyd`s Loading List.
The Maritime Silk Road component of the initiative calls for the development of infrastructure for ports along the route of which Sri Lanka`s port is a part.
CICT is a joint venture between Hong Kong listed China Merchants Holdings International and the Sri Lanka Ports Authority.
China Merchants has a 35-year, US$500 million build, operate and transfer contract with the port authority and holds a 85 per cent in the venture with the port authority holding the remaining 15 per cent.
CICT with an annual capacity of 2.4 million TEU is Colombo`s third container terminal, which started operations in April 2014.