The Sri Lanka Ports Authority said the proposed ownership structure for the East Container Terminal of Colombo Port is one of the best joint ownership endeavours by Sri Lanka.

The Memorandum of Cooperation for the development of East Container Terminal is expected to be signed between the governments of Sri Lanka, Japan and India.

"SLPA retains 100% ownership of East Container Terminal (ECT)," the SLPA saind in a statement yesterday.

It also added, "The Terminal Operations Company (TOC) conducting all East Container Terminal operations is jointly owned; Sri Lanka retains a 51% stake, and the joint venture partners purchase a 49% stake.

The envisaged Japanese loan carries one of the best loan terms Sri Lanka has obtained. However, given that the loan terms are awaiting formalization, it would be premature for SLPA to comment.

The 51% stake is also one of the best in SLPA joint ownership endeavors. SLPA’s majority ownership in the new TOC represents a significant step in prioritizing National Interests.

These elements combined allow Colombo Port to develop at a faster pace than would otherwise be feasible using SLPA’s own funds."