Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka receives the US$ 584 mn third payment of Hambantota Port deal from Chinese company
Wed, Jun 20, 2018, 09:06 pm SL Time, ColomboPage News Desk, Sri Lanka.

June 20, Colombo: The Sri Lankan government said today that it has received the third tranche of the proceeds from China Merchant Port Holdings Co. Ltd on the account of handing over of operations of Hambantota Port.

China Merchant Port Holdings has made a payment of US$ 584 million (Rs. 93 billion) to the Sri Lanka Ports Authority (SLPA) as the third tranche of its investment in the Public-Private Partnership on Hambantota port development, the SLPA said.

It is considered as the highest foreign direct investment Sri Lanka received in the history.

The Hong Kong-based company's representative in Sri Lanka handed over the check for approximately US$ 584.2 million to the Sri Lanka Port Authority Chairman Dr Parakrama Dissanayake today. The first installment of US$ 292.1 million of the payment subsequent to the agreement signed between Sri Lanka Ports Authority and the China Merchant Port Holdings Co. Ltd., was credited to the US Dollar account of Government of Sri Lanka maintained at the Central Bank in December 2017 and the second payment of US$ 97 million was made in January this year.

The share ownership agreement to expand and develop the Hambantota Port under a public-private partnership for a 99-year period was formally signed between the Sri Lanka Ports Authority (SLPA) and China Merchant Port Holdings (CMPort) on 9th December.

Following the signing of the agreement, the port operations was handed over to Hambantota International Port Group (HIPG) and Hambantota International Port Services (HIPS).

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

 

ColomboPage - Recent 10 Stories ::
Number of chronic kidney disease patients in Sri Lanka are decreasing, President says
-- [8 hours ago]
Sri Lanka parliament suspends JO MP Wimal Weerawansa for two weeks
-- [8 hours ago]
Central Bank releases 'Sri Lanka Socio-Economic Data - 2018' publication
-- [9 hours ago]
Registration for awareness sessions regarding implementation of trade policy and proposed Free Trade Agreements
Media reports saying IGP is asked to resign are false - government
National Mosquito Control Week from September 26
CID ordered to expedite investigations into national rugby player Thajudeen's killing
Sri Lanka's former president Chandrika Kumaratunga awarded France's highest national honor
Climate change could hurt Sri Lanka's economy and living standards, World Bank warns
ADB approves $10 million technical assistance loan to improve urban projects in Sri Lanka

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.