The Asian Development Bank and Sumitomo Mitsui Banking Corporation have entered in a co-advisory services agreement to provide the co-advisory services to the East Container Terminal (ECT) of Colombo Port. SMBC will join ADB’s ongoing advisory services for ECT as co-advisor in relation to preparing, structuring, and procuring the $ 500 million project, which includes operationalization of the existing 440 meters of deep water berth and the full design, build, finance, operation, and maintenance of the entire 1200 meters of berth. The concession for the ECT is likely to be for 35 years. ADB’s head of office of public-private partnership Ryuichi Kaga said the co-advisory agreement will allow the Sri Lanka Port Authority to benefit from the in-depth market experience of SMBC and to structure and tender a bankable project without crowding out private sector advisors. ADB will continue to proactively create advisory opportunities for private sector advisors, he said.
