India has extended a fresh financial assistance of $45.27 million for upgrading Kankesanthurai (KKS) Harbour in northern Sri Lanka into a commercial port and strengthening the country's efforts to become a regional maritime hub.
"An agreement for Indian financial assistance for $45.27 million (LKR 6.9 billion) for upgrading Kankesanthurai (KKS) Harbour was signed on January 10 in New Delhi by David Rasquinha, Managing Director, Export-Import Bank of India and RHS Samaratunga, Secretary to Treasury of Sri Lanka," the statement said.
The upgradation project would make KKS Harbour a full-fledged commercial port, further strengthening Sri Lankas efforts to become a regional maritime hub, the statement said.
It would also assist in reconstruction efforts in northern Sri Lanka.
This includes preparation of Detailed Project Report (DPR), works related to Geo-technical studies, wreck removal and disposal, dredging and hydrographic survey.
The fresh assistance of $45.27 million would be used for the remaining two phases involving works relating to the rehabilitation of the breakwater and existing pier, construction of a new pier for commercial cargo handling, installation of port infrastructure facilities, etc.
"The signing of the MoU is a reflection of the continued commitment of Government of India to assist Sri Lanka in its development journey," the statement said.
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