CMPort Seals Concession Agreement for Sri Lanka’s Hambantota

Sri Lanka on Saturday signed a US$ 1.12 billion deal to lease the loss-making Hambantota Port to the State-owned Chinese conglomerate, China Merchant Port Holdings (CMPort).

News ID: 75272

Date: 30 July 2017 - 08:40

The Concession Agreement on Hambantota Port was signed at the Ports and Shipping Ministry auditorium this morning in the presence of the Minister of Ports and Shipping Mahinda Samarasinghe and the Chinese Ambassador to Sri Lanka Yi Xianliang, MANA correspondent reported.

Sri Lanka Ports Authority (SLPA) as the public partner and China Merchant Port Holdings as the private partner will establish several companies to implement the agreement.

Under the 99-year lease agreement, CMPort will agree to invest an amount of up to US$ 1.12 billion into Hambantota Port and Hambantota port and marine-related activities.

The new contract is expected to generate a lot of jobs and an investment zone.