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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