Turkey to provide USD350mn for development projects in Sri Lanka

[Gibbs]

Turkey to provide USD350mn for development projects in Sri Lanka | Lanka Business Online

Dec 17, 2015 (LBO) – Finance Ministry is to enter into an agreement with Turkey that will enable Sri Lanka to have 350 million US dollars from Turk Exim Bank to implement development projects in Sri Lanka.

The cabinet has approved a proposal to sign this MOU with the intention of strengthening the financial relationship with Turkey, which is an active member and the present Chairmen of G-20.

Meanwhile the cabinet nod has been given to examine the possibility of obtaining loan facilities for the construction of the road section from Kadawatha to Kossinna from EXIM bank of China.

Cabinet has also approved a proposal to improve access roads to the southern expressway and to purchase special vehicles for operations in expressway using the balance funds of the Southern Transport Development Project which is about two billion rupees.

The above project was funded by the EXIM bank of China.

 

[xenon54 out]

I heard Sri Lanka is one of the fastest growing countries in the region, this is espacially good for a relatively small country, the development goes even faster.
A good investment.

 

[Hurshid Celebi]

I heard Sri Lanka is one of the fastest growing countries in the region, this is espacially good for a relatively small country, the development goes even faster.
A good investment.

Don't forget Vietnam.

 

[Chinese-Dragon]

Good for Sri Lanka.

 

[KediKesenFare3]

 

[Shotgunner51]

Good news!

... construction of the road section from Kadawatha to Kossinna ..

A new project? Cool bro, SL infra is really developing fast!

 

[TheGrim]

Why? Use the money on to develop Turkish infrastructure or invest in the defense industry. Morons

 

[Hurshid Celebi]

Why? Use the money on to develop Turkish infrastructure or invest in the defense industry. Morons

Do you know TIKA and strategic plans ?

 

[TheGrim]

Do you know TIKA and strategic plans ?

Yes and I support it where it seems logical (Somalia and Africa in general) but Sri Lanka? Why?

 

[Hurshid Celebi]

Why?

Sri Lanka could be a strategic trade and logistic base in the Indian Ocean tor far east

 

[bsruzm]

Good news.

Why? Use the money on to develop Turkish infrastructure or invest in the defense industry. Morons

I like your DP

 

[Shotgunner51]

Sri Lanka could be a strategic trade and logistic base in the Indian Ocean tor far east

Yes that's correct, Sri Lanka is a key international transhipment hub in the IOR. According to World Shipping Council, Sri Lanka's Colombo port had a volume of 4.31 million TEU's in 2013, ranked number #33 in the world, #1 in South Asia.

The port is undergoing massive expansion plan to secure its lead in the business:

Colombo South Container Terminal CSCT​

The 2.4 million TEU's capacity Colombo South Container Terminal, the first terminal under new expansion in the Port of Colombo is built by Colombo International Container Terminals Ltd., (CICT), a joint venture Company between China Merchants Holdings (International) Co., Ltd. (CMHI) and the Sri Lanka Ports Authority (SLPA). It is developing the new port under a 35 year build, operate, and transfer agreement with the SLPA.

Commenced construction in December 2011, the first pace was ceremonially opened for traffic on 8 August 2013 making Colombo Port complex one of the biggest in the World. Total length of new Breakwater is 6830m. Berth Depth is 18m.

 

[Gibbs]

A new project? Cool bro, SL infra is really developing fast!

The island has relatively sound infrastructure compared to some other developing countries in the region.. This report from 2011, So we can safely assume the status has improved more since

Yes and I support it where it seems logical (Somalia and Africa in general) but Sri Lanka? Why?

You do realize these are loans not grants, Turkey will be payed back with interest, Also when an Exim bank decides to approve a loan to a country it had to determine the ability of that country to pay it back, Just like for you or me applying for a loan

And of cause as others have mentioned Sri Lanka is a highly strategic country in the Indian ocean straddling the main shipping lines of East and West, Post civil war all major powers are vying for their interests in Sri Lanka.. China, The US, Japan, India and Australia, So it's in the interests of Turkey as well

 

[TheGrim]

Members are telling me how Sri Lanka is in a very strategic part of the world (I do agree). I still believe though that our country has more pressing concerns such as domestic security and infrastructure projects that would qualify better for that money. But as they say in Turkish "hayirli olsun".

Good news.

I like your DP

DP?

 

[bsruzm]

DP?

Your display picture that great white, bro