The East Terminal of the Colombo Port had been a topic of discussion when President Maithripala Sirisena met Indian Prime Minister Narendra Modi on Friday (31).
Minister of National Integration, Official Languages, Social Progress, and Hindu Religious Affairs Mano Ganesan, who accompanied President Sirisena to India told The Sunday Morning that President Sirisena had inquired from the Indian Premier as to the identity of the Indian company that would be working on developing the East Terminal at the Colombo.
“The President told me that Prime Minister Modi had pointed out that only an MoU (Memorandum of Understanding) has been signed on the matter so far and that the Indian company to develop the East Terminal would be decided once the official agreement between the two nations is inked,” Minister Ganesan said.
The Cabinet of Ministers gave conditional approval for a proposal to allow India and Japan to develop and later have shares in the East Terminal of the Colombo Port.
A MoU has been signed in this regard.
Accordingly, India would have 20%, Japan 29%, while Sri Lanka would have 51% shares of the East Terminal.
Operational control will be fully vested with the Sri Lanka Ports Authority.
Minister Ganesan went on to say that during Prime Minister Modi’s brief visit to Sri Lanka next weekend, the latter will reaffirm India’s commitment to eradicating any ISIS threat in Sri Lanka.