This follows cabinet approval granted to a paper submitted by minister Arjuna Ranatunga.

Also, the ADB will be appointed financial consultant to the ECT project.

Previously, the bank extended a 350 million dollar facility for the construction of three terminals with a length of 1,200 metres.

The Colombo south container terminal was vested with Colombo International Container Terminals Ltd.

A 400 metre stretch of the ECT has now been completed, and the Ports Authority already uses it for normal cargo handling and earns a big income.

The second biggest deep-water project in the Colombo port will see the Ports Authority retain a 51 per cent stake and it looks for a partner to handle the rest of the activities.

John Keells, owner of South Asia Gateway Terminals, is likely to be given priority consideration.

Given below is the newspaper advertisement: