Sri Lanka joins initiative with port handover

COLOMBO - Sri Lankan Prime Minister Ranil Wickremesinghe said on Saturday that his country had joined the Belt and Road Initiative with the launch of operations at the Hambantota Port through a joint venture with China.

The port was handed over to the China Merchant Ports Holdings on a 99-year lease agreement at a ceremony, and the Sri Lanka Ports Authority together with CMPH will manage the operations of the southern facility.

"Today we have made arrangements for the management and long-term success of the Hambantota Port. This Sri Lankan and Chinese joint venture, which has taken over the management of this port, and its operations will ensure an additional port in the Indian Ocean," Wickremesinghe said.