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Hambantota Port Agreement Signed

The much anticipated signing of the amended Hambantota port agreement took place yesterday.

Ports Minister Mahinda Samarasinghe said that the agreement will be open for further amendments if required.

“Any provisions of this agreement can be amended,” the Minister said.

Samarasinghe said that the signed agreement will be presented to cabinet and parliament and will be open for debate.

He said that if there are some positive recommendations put forward then it will be included in the agreement.

Under the agreement the Sri Lanka Ports Authority and China Merchant Port Holdings Company Ltd will establish the Hambantota International Port Services Co. (Pvt) Ltd – with a capital of USD 606 million and 50.7% shares to SLPA and 49.3% to CMPort.

The Hambantota International Port Group (Pvt) Ltd – with a capital of USD 794 million and 15% shares to SLPA and 85% to CMPort as in SAGT terminal and CICT terminal will also be established.

Accordingly, instead of 80:20 share distribution in the initial agreement shares of overall investment will be revised as 69.55 to CMPort and 30.45 for SLPA.

6 Comments for “Hambantota Port Agreement Signed”

  1. I think it is a good move. We all know both Hambantota and Mattalan airport are losing money and sadly we have no money to take our country forward. In our country we have lot of well educated and successful business people who can take our country forward if they are given the chance. But in our political set up only family members of the ruling party are given the chance to run state organisation. No need to say how MR’s brother-in-law ran Srilankan Airline as his own business. He ruined the airline and there is no criminal damages brought against this man, because we all know why. When we going to learn. Politicians should stop robbing our country.

    • Kumaran

      Remember Cuba in 1969? Refresh your memories. (1) India and China in confrontational stand in the Himalayas. (2) China had the largest military parade, with President Xi in military uniform showing off amazing weaponry, (3) United States warns China as N.Korea persists in needling the Yanks, (4) The Yanks and Georgia hold a very big military exercise in Georgia, (5) Iran persists in testing their ICBMs, etc etc etc. And little old Sri Lanka hands over a ready made harbour and airport to China (for which we paid to the Chinese !

      Amazing, yet, I weep for my country.

  2. The agreement with china was greated problem by previous government.srilanka was sold to china, one man government for his birth place ,uneducated man came to parliament did the mockery country ,no case against him .he is a good friend of mr Ranil and minister of justice ,he is free from cases,

  3. Gabriella

    @Amir

    I think you have grossly overestimated the capability of Sri Lankan businessmen. If mastery of underhand corrupt activity and circumventing all norms of ethical conduct are admirable skills, then, Sri Lankan businessmen are without doubt world class.

    If Sri Lanka is the educated mature society that you think it is, why is it in it’s current mire ? Would a sophisticated society tolerate the conduct of elected
    representatives that condemn it to a Third -World hovel ?

    If Sri Lanka is to be saved, then, the whole education system has to be transformed. A system that produces independent free-thinkers is whats required. And not, the current system that defines the successful molding of youth; as having a parent standing at the foot of the bed on their wedding night with an instruction manual providing instructions !

  4. Dadaddaaggyaggydaaggyddddsd

    Amir.. If you began to talk about Hambantota stick to it. This article is about Hambantota port and not about MR’s brother In Law.

    Don’t talk about things not relevant to the article not speak on matters every time your cap turns.

  5. lankamithra

    In regard to White Elephant Hambantota Port , the main questions that should be answered are:

    How could the loan repayment of NINE BILLION RUPPEES a year could be maintained without taking that money from the revenue created by the 11,000 Colombo Port 11 staff who have been successfully operating the port generating TEN BILLION ruppees every year. If the Colombo Port could free themselves from the ongoing burden of syphoning Hambanthota loan repayments from their profit then in 2018 Colombo Port profits will go up to 12 billion.

    Even with the repayment instalment of 9 billion ruppees , further $700 million investment will be required to bring it to international operational standrards of efficently handling at least 15 containers a day. At the monent Hambanthota only handles about 10 containers a year, this is the amount it should be handling a day.

    Furthermore if Hambantota port was even cladded with gold , no ships would call in if there was no incoming and outgoing international cargo. The only way to facilitate this is by creating free trade zones and factories and also having the port operated by international port operators and investors who have the wherewhithal to facilitate their investment in Hambatota successful.

    The upshot is any ppp company or foreign company who make profit will pay tax to Sri Lanka government.

    If the above facts cannot be understood then no point of having a discussion at all.

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