March 1, 2017 / 2:50 PM / 5 months ago

Sri Lanka approves $180 mln vessel deal for Colombo Dockyard

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COLOMBO, March 1 (Reuters) - Sri Lanka's cabinet has approved the awarding of a $180 million deal for three offshore patrol vessels for the country's coast guard to Colombo Dockyard , a government document said on Wednesday.

Colombo Dockyard has agreed to arrange a loan for the deal, with 40 percent provided by the Japanese Funding Institution of JBIC, another 40 percent from Bank of Tokyo Mitsubishi UFJ, and the rest from a tied commercial term loan facility, the document said.

Dockyard, located in Colombo port, is Sri Lanka’s largest engineering facility in the business of ship repair, shipbuilding, heavy engineering and offshore engineering. (Reporting by Shihar Aneez; Editing by Mark Potter)

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