Current Affairs - National - Discussion

Sri Lanka, Japan, and India signed an agreement to jointly develop the East Container Terminal at the Colombo Port on 28th May. The joint initiative is estimated to cost between $500 million and $700 million. The signing of the Memorandum of Cooperation (MoC) is significant, given that the countries had been negotiating the deal since last year with little success. As per the agreement, the Sri Lanka Ports Authority (SLPA) retains 100% ownership of the East Container Terminal (ECT), while the Terminal Operations Company is jointly owned. Sri Lanka will hold a 51% stake in the project and the joint venture partners will retain 49%.