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Saturday, 29 July 2017 - 19:20
Signed lease agreement of Magampura port to be presented to parliament; Opportunity for another debate
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The agreement to lease out the Magampura Port in Hambantota to China Merchant Port Holdings was signed today.

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.

Secretary to the Ministry of Ports and Naval Affairs, L.P. Jayampathi and Chairman of Sri Lanka Ports Authority, Parakrama Dassanayake signed the agreement representing Sri Lanka while the Vice Chairman of China Merchant Port Holdings, Dr. Hu Jianhua signed the agreement representing the Chinese government.

Speaking at the occasion, Minister Samarasinghe stated that the signed agreement will be once again presented to the cabinet.

Through the agreement, 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 of handing over 70% of ownership of the Hambantota Port to China on a 99 year lease.

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