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Agreement signed with Chinese Merchants to develop H'tota Port on PPP Model

9 December 2016 08:56 am - 6     - {{hitsCtrl.values.hits}}


A Framework Agreement was signed with China Merchants Port Holdings Company Limited yesterday for what the government called ‘revitalization’ of the Hambantota Port on a Private –Public Partnership (PPP) model.

The Ministry of Development Strategies and International Trade said in a statement that the agreement was executed in accordance with the Cabinet decision in this regard. It outlines the understanding between the Government of Sri Lanka and Chinese State-owned Corporate - China Merchants Port Holdings Company Limited.

“A Concession Agreement is to be executed, upon completion of a due diligence to be performed by the China Merchants Port Holdings Company Limited,’ the statement said.

The government is to convert a percentage of the loans obtained from China to build the port equity under this programme.

President Maithripala Sirisena, on his second anniversary in office, will declare open the Ruhunu Development Area Project in January. The port development is also part of this project. At present action is being taken to obtain 15,000 acres of land for the proposed investment zones.

  Comments - 6

  • Faizal Saturday, 10 December 2016 09:37 AM

    agreements by different names. The end result is the same. via DM Android App

    SL Friday, 09 December 2016 04:11 PM

    15000 acres will be leased not freehold like MR era

    Selvyn Friday, 09 December 2016 10:38 AM

    MR and his henchmen must be happy that his electorate is taken for further consideration for development via DM Android App

    meow Friday, 09 December 2016 11:29 AM

    Finally a Wise move ??

    kk Friday, 09 December 2016 11:53 AM

    After giving 15000 acres and port SL will be definitely China's colony

    Jayantha Friday, 09 December 2016 12:08 PM

    Only time will reveal if it is a 'wise' move or 'vice' move!

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