Sri Lanka's Walkers Colombo Shipyard has fixed a new $4m loan with Asian Development Bank (ABD).
The cash will go on the development of its plant through a new ship-lift and transfer system to accommodate vessels up to 70 metres in length.
It is the first non-sovereign infrastructure loan from ADB in Sri Lanka since 2000.
Jehan Amaratunga, group executive deputy chairman of yard parent MTD Walkers, told the Daily News: “We have driven the diversification strategy of the group over the past few years and this is one of the many initiatives underway that has come to fruition.
“We are keen to invest further in the marine engineering sector and enhance our dollar income streams. We could have no better demonstration of the potential of the project and sector than having the ADB support us.”
