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The Sri Lakan cabinet has approved a proposal under which Sri Lanka will lease 80 percent of the Hambantota Port to Hong Kong-based China Merchants Port Holdings Company (CMPort) for 99 years for $1.12 billion.1 This Framework Agreement was signed on December 8, 2016 for, what the government called, ‘revitalization’ of the Hambantota Port on a Private-Public Partnership (PPP) model.2 The debt to equity swap will be carried out as part of the Government’s move to reduce its foreign debt burden.
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Links:
[1] https://www.vifindia.org/article/2017/january/04/is-swapping-hambantota-port-debt-to-equity-a-panacea-for-sri-lanka-s-debt-crisis
[2] https://www.vifindia.org/author/anushree-ghisad
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