- Title: Sri Lanka signs Hambantota port deal with China
- Date: 29th July 2017
- Summary: COLOMBO, SRI LANKA (JULY 29, 2017) (REUTERS) ***WARNING CONTAINS FLASH PHOTOGRAPHY*** VARIOUS OF SIGNING CEREMONY WITH OFFICIALS IN ATTENDANCE (SOUNDBITE) (Sinhala) MINISTER OF PORTS MAHINDA SAMARASINGHE SAYING: "With the signing of this agreement our government has been able to bring an investment that would immensely strengthen the country's economy." VARIOUS OF OFFICIALS AT CEREMONY (SOUNDBITE) (English) EXECUTIVE VICE PRESIDENT OF CHINA MERCHANTS PORT HOLDINGS, HU JIANHUA, SAYING: "This will make sure that Hambantota port will achieve its due status as a gateway to the expanding economies of South Asia and the African region where we have similar layouts. With these maritime infra-structure investments, and other diverse investments such as in the future, the proposed international maritime centre, Sri Lanka will be well positioned to play a strategic role in the one-belt-one-road initiative." VARIOUS OF OFFICIALS AND MINISTERS LISTENING VARIOUS OF OFFICIALS OF SRI LANKA PORTS AUTHORITY AND MANAGING DIRECTOR OF CHINA MERCHANT COMPANY, BAI JINGTAO, SIGNING THE AGREEMENT SAMARASINGHE SHAKING HANDS WITH OFFICIALS AFTER SIGNING OF THE AGREEMENT VARIOUS OF THE TWO PARTIES EXCHANGING THE AGREEMENT FLAGS OF THE TWO COUNTRIES END OF CEREMONY
- Embargoed: 12th August 2017 09:22
- Keywords: Sri Lanka port Hambantota port signing ceremony $1.1 billion deal China
- Location: COLOMBO, SRI LANKA
- City: COLOMBO, SRI LANKA
- Country: Sri Lanka
- Topics: Government/Politics
- Reuters ID: LVA0016RRS8CL
- Aspect Ratio: 16:9
- Story Text:Sri Lanka finally signed a $1.1 billion deal on Saturday (July 29) to lease the southern Hambantota port to China, after several months of delay caused by local protests and claims by opposing politicians that this would threaten national security.
Located near the main shipping route from Asia to Europe and likely to play a key role in China's "Belt and Road" initiative, the Hambantota port has been mired in controversy since state-run China Merchants Port Holdings, that built it for $1.5 billion, signed an agreement taking an 80 percent stake.
The pact signed last year sparked widespread public anger as Chinese control of the port, which included a plan for a 99-year lease of 15,000 acres (23 sq miles) to develop an industrial zone next door, raised fears the port could be used for Chinese naval vessels.
To help ease these concerns, Sri Lanka's cabinet approved earlier this week a revised deal to cut the Chinese firm's stake to 70 percent and assured the port would not be used for military purposes. - Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None
