Co-Cabinet Spokesman, Minister Udaya Gammanpila said that the Ports Authority could raise funds for the development of the Colombo Port East Jetty through local sources or through the stock market.

This was revealed by the Minister at a media briefing held yesterday (09). Minister Udaya Gammanpila further stated that patriotic Sri Lankans can be invited to invest in this strategically important project.

“According to the cabinet paper submitted by the Minister of Ports, the ECT will be developed by the SLPA utilising its own funds, as well as funds borrowed from Sri Lankan local sources. The Sri Lankan government has taken a policy decision not to obtain substantial foreign loans because of its impact on the exchange rate.”

“As you know Sri Lanka is presently burdened with a huge foreign debt, therefore the Sri Lankan government has made a policy decision not to go for mass foreign loans and that's why we're not going to entertain any offers for long-term foreign loans as you pointed out. However, local loans can be done by the Ports Authority to develop the ECT.”

“Minister was confident, as he mentioned in the cabinet paper if one bank cannot afford to give this kind of loan, of course we can go for syndicate loans, they have been done, managed by our local bank in the past. If there is no source to borrow, then of course they can come to the share market. We witnessed huge interest among Sri Lankan people with regard to developing the ECT by ourselves.

“Therefore we believe, if we can't finance with local banks for more syndicate loan, the Ports Authority has an option of coming to the share market and inviting nationalists, patriotic Sri Lankans to come forward to invest in this strategically important project.”