Sri Lanka has signed a $500m contract with China Merchants Holdings and local conglomerate Aitken Spence to boost the capacity of Colombo Port.
The companies will build the first of three planned terminals at the port.
The proposed expansion will increase the port’s capacity by 2.5 million teu from 4.5 million teu.
China Merchants will hold a 55% stake in the project and the expansion work is expected to be completed in three years.
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