Global EditionASIA 中文双语Français
World
Home / World / Asia-Pacific

China, Sri Lanka ink Hambantota Port deal

Xinhua | Updated: 2017-07-29 20:34
Share
Share - WeChat

COLOMBO - China Merchants Port Holdings and the Sri Lanka Ports Authority signed an agreement here on Saturday to develop the Hambantota Port in southern Sri Lanka.

Under the deal, the Chinese side will hold a 70 percent stake in two joint ventures to be launched to take charge of the commercial and administrative management operations of the port respectively.

After 10 years, the Sri Lankan side will gradually purchase an additional 20 percent stake, resulting in the two sides owning an equal share of 50 percent each, according to the agreement, which is valid for 99 years.

At the signing ceremony, Sri Lanka's Minister of Ports and Shipping Mahinda Samarasinghe said, "This is a historic day for us today as Sri Lanka and China venture on a new journey to develop the Hambantota Port."

The Sri Lankan cabinet had on Tuesday approved the agreement, describing it as "a win-win situation for both countries."

Samarasinghe, at a media briefing on Tuesday, said, "We hope to strengthen the operations of the Hambantota Port which will be beneficial for Sri Lanka."

Hu Jianhua, executive vice-president of China Merchants Group, said the signing of the agreement is significant, expressing the hope that China and Sri Lanka can make continuous efforts to turn the port into an international shipping hub linking South Asia with Africa.

Most Viewed in 24 Hours
Top
BACK TO THE TOP
English
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US