China Merchants Port Holdings (CM Port) and the Sri Lankan government have agreed a 99 year concession agreement, worth US$1.12bn, for the development, management and operation of Hambantota Port.
From the total investment, the Chinese state-owned port operator will pay the Sri Lanka Ports Authority (SLPA) US$974m for an 70% stake in Hambantota International Port Group (HIPG).
Concerns that the port could be used by the Chinese military had delayed the deal but the government has given assurances that China will run only commercial operations from the port.
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