The Hambantota International Port[a] is a deep water port in Hambantota, Sri Lanka, notable for its 99-year lease to China Merchant Ports. Opened in 2010, it is Sri Lanka's second largest port, after Colombo. In 2020, the port handled 1.8 million tonnes of cargo.[3]
Construction of the port commenced in January 2008. In 2016, it reported an operating profit of $1.81 million but was considered economically unviable.[4] As debt repayment got difficult, the newly-elected government decided to privatise an 80% stake of the port to raise foreign exchange in order to repay maturing sovereign bonds unrelated to the port.[5][6] Of the two bidding companies, China Merchants Port was chosen,[5] which was to pay $1.12 billion to Sri Lanka and spend additional amounts to develop the port into full operation.[7][8][9]
In July 2017, the agreement was signed, but CMPort was allowed a 70% stake. Simultaneously a 99-year lease on the port was granted to CMPort.[10][11]
^"UNLOCODE (LK) - SRI LANKA". service.unece.org. Retrieved 28 April 2020.
^"Port of Hambantota, Sri Lanka". www.findaport.com. Shipping Guides Ltd. Retrieved 18 September 2020.
^Hambantota International Port Group (14 March 2021). "HIP achieves Highest Cargo Volumes during Pandemic" (Press release). Retrieved 19 June 2021.
^"Hambantota Port sale in perspective". Daily Mirror. 17 January 2017. Retrieved 30 May 2021.
^ abBrautigam, Deborah (6 December 2019). "A critical look at Chinese 'debt-trap diplomacy': the rise of a meme". Area Development and Policy. 5 (1): 1–14. doi:10.1080/23792949.2019.1689828. ISSN 2379-2949. S2CID 214547742.
^Cite error: The named reference Moramudali20200101 was invoked but never defined (see the help page).
^"Agreement signed with Chinese Merchants to develop H'tota Port on PPP Model". Daily Mirror. 9 December 2016. Retrieved 9 December 2016.
^Marray, Michael (14 December 2016). "Sri Lanka plans to lease Hambantota Port to China". The Asset.
^
Fairclough, Gordon; Jayasinghe, Uditha (9 December 2016), "Sri Lanka Sells Port Holding to Beijing", Wall Street Journal, ProQuest 1847381102
^"Sri Lanka signs deal on Hambantota port with China". BBC News. 29 July 2017. Retrieved 29 July 2017.
^Carrai 2019, p. 1074: "According to the agreement, CMPort will lease the Hambantota Port for 99 years and invest up to US$1,120 million in the port, as well as other marine-related activities in connection to the port, for a total area of 15,000 acres of land."
Cite error: There are <ref group=lower-alpha> tags or {{efn}} templates on this page, but the references will not show without a {{reflist|group=lower-alpha}} template or {{notelist}} template (see the help page).
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