The Cabinet of Ministers, at its meeting yesterday, has approved a proposal submitted by Prime Minister Mahinda Rajapaksa in his capacity as Minister of Finance to provide tax incentives for the investment of US $ 90 million for the expansion of the Colombo South Port. The investment will be for the improvement of the infrastructure and capacity.
An agreement has been signed in his regard between the Board of Investment and the Colombo International Terminals ( Pvt) Ltd. This follows the initial investment of US $ 500 million which was made by CICT and the project commenced operations on December 1, 2016.
New SEC bill
Cabinet has approved a proposal from the Prime Minister in his Capacity as Finance Minister to direct the Legal Draftsman to draft new Securities and Exchange Commission Bill which will replace the SCE Act. No. 36 of 1987. This will enable Sri Lanka capital’s market operations to be conduc ed internationally.
Wind Power expansion in Mannar
The Cabinet of Ministers, has approved a proposal from Energy Minister Udaya Gammanpila to add 6 turbines to the Wind Farm project which has been developed from ADB funds.
The original funding was US$ 200 million of which 73% of the project was over and there was a saving of US $ 47 million and six new wind turbines will be added and approval has been granted by the ADB for same.
ADB funds for SMIs, poverty alleviation
The Cabinet has approved a proposal from Prime Minister Mahinda Rajapaksa as Finance Minister to procure funding of US$ 165 million from the Asian Development Bank which also includes supporting the beleaguered SMI sector and also US $ 1.25 for poverty alleviation.
Another US $ 400 million will be made available for secondary education.
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