• Tuesday, December 06, 2022

ASIA

Sri Lanka finalizes $1.12 bn port deal with China

The cabinet gave final approval to sell a 70 per cent stake in Hambantota port for $1.12 billion to state-owned China Merchants Port Holdings says Mahinda Samarasinghe.

By: Eastern Eye Staff

Sri Lanka’s government Tuesday (25) approved the sale to China of a majority stake in a loss-making but strategically-sited deep sea port for more than a billion dollars, the ports minister said. The cabinet gave final approval to sell a 70 per cent stake in Hambantota port for $1.12 billion to state-owned China Merchants Port Holdings, minister Mahinda Samarasinghe told reporters. The Chinese will manage the port operations and the Sri Lankans the port security, the minister said. That, he added, should allay fears that the port could be misused by the Chinese. Hambantota port straddles the world’s busiest east-west…

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