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Colombo signs box shop deal with China Merchants, Zhanjiang Port Group

Author: Posttime:2015-12-08 08:18:03

The Colombo International Container Terminals (CICT) has signed an agreement on logistics development with Zhanjiang Port Group, in south western Guangdong province north of the Chinese island province of Hainan.

The pact was signed at Zhanjiang City (pop 6.9 million), the old French Treaty port of Fort Bayard, as part of President Xi Jinping's One Belt, One Road world transport initiative, reports Lloyd's Loading List.
The Maritime Silk Road component of the initiative calls for the development of infrastructure for ports along the route of which Sri Lanka's port is a part.
CICT is a joint venture between Hong Kong listed China Merchants Holdings International and the Sri Lanka Ports Authority.
China Merchants has a 35-year, US$500 million build, operate and transfer contract with the port authority and holds a 85 per cent in the venture with the port authority holding the remaining 15 per cent.
CICT with an annual capacity of 2.4 million TEU is Colombo's third container terminal, which started operations in April 2014.
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