Hambantota International Port

Common card · No. 450203

The Hambantota International Port 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. Construction of the port commenced in January 2008. In 2016, it reported an operating profit of $1.81 million but was considered economically unviable. 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. Of the two bidding companies, China Merchants Port was chosen, which was to pay $1.12 billion to Sri Lanka and spend additional amounts to develop the port into full operation. 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. As of May 2024, the port has transformed into a busy transshipment hub...

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