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Sri Lanka to issue port bonds for expansion

Sri Lanka to issue port bonds for expansion

Columbo:  The Sri Lanka Ports Authority (SLPA) has announced that it is currently in the process of obtaining an international credit rating before making a bond issue to raise funds to repay its debts and embark on new port expansion projects.

Although port authorities have stated that the decision to issue bonds issue would depend on the cost of debt, it is confident that the move would allow the port to go ahead with its expansion plans once pay back some of its outstanding loans such as $1.5bn owed to Japan for the construction of the Jaya deepwater Container Terminal (JCT).

According to Portworld, the majority of new port projects planned in Sri Lanka, apart from the new south port of Colombo, would not generate immediate commercial returns.  [17/08/07]