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Sri Lanka formally hands over Hambantota port to China
December 12 , 2017
2411 days
1033
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- Sri Lanka formally handed over the strategic southern port of Hambantota to China on a 99-year lease.
- The lease is accordance to repay the $8 billion loan that the country owes to China.
- China Merchants Port Holdings Company and the Sri Lanka ports Authority will own the port and the investment zone around the port.
- The Sri Lankan government had signed a $1.1 billion deal in July to sell a 70 per cent stake in the Hambantota port to China.
- The port city is twinned with Chinese city of Guangzhou since 2007.
- Twin towns are a form of legal or social agreement between towns, cities, provinces, regions, states, and even countries in geographically and politically distinct areas.
- It is intended to foster friendship and understanding between different cultures as an act of peace and reconciliation and to encourage trade and tourism.
- Sri Lanka also assured that the strategic port Will not be used as a military base by any foreign country.
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