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Framework+agreement+signed+with+Chinese+company+to+develop+Hambantota+port
Friday, 09 December 2016 - 12:37
Framework agreement signed with Chinese company to develop Hambantota port
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An initial framework agreement to re-develop Hambantota Port under the Public Private Partnership program has been signed between the Sri Lankan government and the Chinese government affiliated China Merchant Ports Holding Company.

The ministry of International Trade and development Strategies stated in a communiqué that a sponsorship agreement will be signed after the Chinese company completed an assessment process.

Later terms and conditions of the final agreement will be discussed following the signing of a framework MoU.

The government decided last week to sign this agreement with the China Merchant Ports Holding company.

Accordingly, 80% of the ownership of Hambantota port will be transferred to the Chinese investor. Thereafter, the investor will invest US$ 1.12 billion to revive Magampura port.

$5 million US dollars should be paid soon after the singing of the framework agreement of the MoU. 

This will remain as a security fund.   

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