Sri Lankan government gets Indian financial assistance to upgrade KKS Harbour in the North
The Indian government has expressed that it remains committed to assist Sri Lanka in its development journey and an agreement has been reached to provide financial assistance to upgrade the Kankesanthurai (KKS) Harbour.
The agreement for Indian financial assistance for US$ 45.27 million (LKR 6.9 billion) for upgrading the Kankesanthurai (KKS) Harbour was signed last week in New Delhi by David Rasquinha, Managing Director, Export-Import Bank of India and Dr. R.H.S Samaratunga, Secretary to Treasury of Sri Lanka.
The Indian High Commission in Colombo in a statement has said that senior officials from the Governments of India and Sri Lanka were also present.
The High Commission has said the upgrading project would make KKS Harbour a fully fledged commercial port, further strengthening Sri Lanka’s efforts to become a regional maritime hub. It would also assist in reconstruction efforts in northern Sri Lanka.
The High Commission has added that it may be recalled that there exists a MoU between India and Sri Lanka for rehabilitation of KKS Harbour.
Four out of the six phases of the rehabilitation have already been completed under India’s grant assistance. This includes preparation of Detailed Project Report (DPR), works related to Geo-technical studies, wreck removal and disposal, dredging and hydrographic survey.
The fresh assistance of US$ 45.27 million (LKR 6.9 billion) would be used for the remaining two phases involving works relating to the rehabilitation of the breakwater and existing pier, construction of a new pier for commercial cargo handling, installation of port infrastructure facilities, etc.
The latest financial agreement reached between Sri Lanka and India is an indication of the continued trade partnership between the two neighbouring countries. While it is an encouraging sign for foreign investors looking at entering the Indian market through Sri Lanka, the upgrading of the KKS Harbour could be viewed as yet another boost for Sri Lanka’s ports and shipping sector.
|Article Code :||VBS/AT/20180115/Z_4|