Sri Lanka hopes to finalize Hambantota port deal in two weeks: Malik
Jan 05, 2017 13:55 PM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka hopes to wrap a deal with China to run the Hambantota Port in the next two weeks, International Trade Minister Malik Samarawickrama said.
"We hope to sign the agreement within the next 10-14 days," he told a reporter in Colombo on Thursday.
A negotiation committee had obtained feedback from Sri Lanka Ports Authority and there have to be talks with the Chinese party.
According to a framework agreement, Sri Lanka will set up a company to which the port will be given on a 99-year lease.
China Merchant Port Holdings will own 80 percent and Sri Lanka Ports Authority 20 percent of the firm.
Samarawickreme said the 80 percent stake was also still under negotiation.
He said the investor had to them put in another $600 million worth of cranes and port handling equipment had to be bought to make the port operational. (Colombo/Jan06/2016)