Sri Lanka to sell loss-making port to China

• Eastern Eye Staff
• 15 December, 2016

By: Eastern Eye Staff

Sri Lanka hopes to sell part of its loss-making $1.4 billion (£1.2bn) harbour to a Chinese company in January to help pay off crippling debts, the ports minister said on Wednesday (December 14). Arjuna Ranatunga said talks were under way with China Merchants Port Holdings to transfer an 80 per cent stake in the Hambantota port on a long lease. “We hope to be able to raise about $1.12 billion and a deal could be struck by the first week of January,” Ranatunga told reporters in Colombo. The new government, which came to power in January last year, has been…

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