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Saturday, 29 July 2017 - 11:10
Hambantota Port agreement signed; Final Agreement to be presented to the Cabinet again (photos)
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The agreement to lease out the Maagampura Port in Hambantota to China Merchant Port Holdings was signed today.

This was after the agreement had received cabinet approval.

Minister of Ports and Naval Affairs Mahinda Samarasinghe and China’s Ambassador to Sri Lanka Yi Xianliang took part at the signing ceremony held at the Ministry.

Minister Samarasinghe stated that the signed agreement will be once again presented to the cabinet.

The Hambantota port will thus be converted to Hambantota International Port Holdings while China Merchant Port Holdings will hold the majority share.

Sri Lanka Ports Authority will have ownership of the remaining share.

1.2 Billion US Dollars will be received in return to handing over 70 percent of ownership of the Hambantota Port to China on a 99 year lease.

      

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