Nov 09, Colombo: Sri Lanka's Minister of Port an Shipping Mahinda Samarasinghe says the date of operation of the Hambantota Port under the new administration can be announced on 8th December.
According to the agreement, signed with China Merchant Port Holdings (CMPort), six months have been allowed for the operations under the new administration to begin and that period will end on the 18th of January, the Minister said speaking at a media conference held at the SLFP headquarters today.
Under the agreement, 10 percent of the base money should be paid to Sri Lanka by December 8, and following discussions with the company that amount has been increased to 30 percent, the Minister said.
According to Minister Samarasinghe, around 446 million US dollars will be added to the foreign reserves by 8th December.
Minister Samarasinghe said that the cabinet paper would be re-arranged according to new agreement and presented to the cabinet.