The Ministry of Finance has signed a Memorandum of Understanding with the Exim Bank of India to Develop the Kankesanthurai port into a commercial port.
As per the MoU, India will provide a financial assistance of USD 45.27 million for upgrading Kankesanthurai Harbor.
The MoU was signed by the Secretary to the Ministry of Finance Dr. R.H.S Samaratunga and the Managing Director of the Export-Import Bank of India, David Paul Rasquinha.
The Indian assistance of USD 45.27 million would be used for the rehabilitation of the breakwater and existing pier, construction of a new pier for commercial cargo handling, and for the installation of port infrastructure facilities.
Several phases with the regard to the project, including the preparation of a detailed project report have already been completed.
According to the Finance Ministry, this project will also enhance trade in the Northern Province. The Indian Government is providing a concessionary loan for this venture.