• Wednesday, October 05, 2022

Asia

Sri Lanka formally hands over Hambantota port to China

By: Eastern Eye Staff

On Saturday Sri Lanka formally handed over the southern sea port of Hambantota to China on a 99-year lease. Last year, Ravi Karunanayake the former finance minister had said that, Sri Lanka owed China $ 8 billion. Prime Minister Ranil Wickremesinghe during a visit to China in April had agreed to swap equity in Chinese infrastructure projects launched by former president Mahinda Rajapaksa in his home district. Wickremesinghe while addressing the handing over ceremony held in parliament said that,”With this agreement we have started to pay back the loans. Hambantota will be converted to a major port in the Indian Ocean”. Two Chinese…

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