Sri Lanka signs $1.1 billion China port deal amid local, foreign concerns
▻http://www.reuters.com/article/us-sri-lanka-china-ports-idUSKBN1AE0CN
Sri Lanka signed a long delayed $1.1 billion deal on Saturday to lease its southern Hambantota port to China ignoring an appeal by opposition parties to debate the pact in parliament.
The deal was signed between the two state firms — Sri LankaPorts Authority (SLPA) and China Merchants Port Holdings(0144.HK) to handle the commercial operations of the Chinese-built port on a 99-year lease.
Chinese firm will hold 70 stake in a joint venture with SLPA to run the port, part of a plan to convert loans worth $6 billion that Sri Lanka owes China into equity.
[…]
Hu Jianhua, the executive vice president of the ChinaMerchants Port said the port facilities belong to the citizens of Sri Lanka but will be a key part of China’s massive #One_Belt_One_Road initiative to build trade and transport links across Asia and beyond.
[…]
Government and diplomatic sources told Reuters that the United States, India and Japan have raised concerns over possible military activities by China in Hambantota port.
#OBOR
