China buys Hambantota port
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China buys Sri Lanka’s Hambantota port for 99 years
According to an agreement signed last week Sri Lanka’s Hambantota port is now officially China’s own port which is on the main shipping route between Asia and Europe.
Under the deal a state-owned Chinese company will agree to pay $1.12 billion for a 70% share of the Hambantota Port for 99 years . Sri Lanka’s government says money from the deal will help to repay foreign loans.
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The deal has been delayed over concerns that china could use the port for military purposes, but now the government has given assurance that china will run only commercial operations from the Hambantota Port.
the deep-sea port is located on southern coast of Sri Lanka within 10 nautical miles of the main shipping route between Asia and Europe.
The Port will be developed in three phases , the first two will have 10 berths and a dock length of up to 3,480 m , and will be able to handle containers , bulk cargo , general cargo and liquid bulk.
According to agreement the Sri Lankan government will ensure that there are no tenders for any third party to develop a rival port near Hambantota Port.
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