Chinese firms to take-over Hambantota port, Mattala airport, repay debt: PM
ECONOMYNEXT – Chinese firms will take-over Hambantota Port and Mattala Airport to help repay nearly a billion dollars of debt taken from China to build them, Prime Minister Ranil Wickramamasinghe said
The debt will be swapped for equity (naya hilaw) Prime Minister Wickramasingha said in a policy statement in parliament on October 27.
"The debt will not have to be repaid by future generations and even us," he said.
He said Sri Lanka can reduce the burden of up to a billion dollars in debt by the move.
Chinese investors will also come to a 15,000 acre industrial zone. (Colombo/Oct28/2016)