China, Sri Lanka ink Hambantota Port deal

Updated 2017-07-30 09:06:17 Xinhua

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.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 12 2017 06:50:19

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 12 2017 06:50:19

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 12 2017 06:50:19

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords