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The Sri Lanka Ports Authority (SLPA) has announced that it will invite an expression of interest in order to select a concessionaire, as well as award a build operate transfer (BOT) concession for the East Container Terminal (ECT) at Colombo Port. This follows news that China had requested that the pace be quickened with regards to the development of a US$750 million Hambantota port project. The Sri Lankan President recently argued that the Colombo Port City will not be a threat to the country and that it is an opportunity to make money. It was previously reported that the Colombo Port project had been cleared, having encountered delays in both March, 2015 and February, 2016.The SLPA and the Asian Development Bank had recently signed a transaction advisory agreement for the development of a $500 million container terminal.
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