Press briefing of Cabinet Decision taken on 2011-01-25

Supply of 50 Units of Terminal Tractors to the Sri Lanka Ports Authority (SLPA

- On a proposal made by H.E. the President, negotiations have been completed with the Exim Bank of Malaysia to obtain a Loan of US$ 4 million on concessionary terms, which is 86% of the cost for the purchase of 50 Units of Terminal Tractors to the Sri Lanka Ports Authority. The balance 14% is to be financed by the Sri Lanka Ports Authority. This project is expected to enhance the revenue generated by the SLPA and would improve the productivity in handling the increased number of containers in Colombo Port. Cabinet approval was granted to enter into a loan agreement with the Exim Bank of Malaysia for the purpose and to on-lend the proceeds of the loan to the Sri Lanka Ports Authority for the purchase of these terminal tractors.