New Delhi, Jan 3 (UNI) For enhanced bankability of private sector projects in major ports, the Cabinet today approved the adoption of the Model Concession Agreement and give a fillip for private sector participation in these projects.
This will replace the Model License Agreement of March 2000 (MLA 2000) which had been in use in the major ports since March 2000.
The move would help in standardisation of finacial and comercial terms for award of concession for port projects, Information and Broadcasting Minister Priya Ranjan Dasmunsi said after the Cabinet meeting.
It would also help speed up decision making and allow equitable and efficient allocation of risks between contracting parties and protect user interest.
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