🇱🇰Sri Lanka Signs Deal on Hambantota Port with 🇨🇳China

Sri Lanka, signed $1.1bn (£837m) deal with China for the control and development of the southern deep-sea port of Hambantota.

The deal was delayed by several months over concerns that the port could be used by the Chinese military.

The government, gave assurances that China will run only commercial operations from the port, on the main shipping route between Asia and Europe.

Sri Lanka's government says money from the deal will help repay foreign loans.

Under the proposal, a state-run Chinese company will have a 99-year lease on the port and about 15,000 acres nearby for an industrial zone. The initiative is being keenly watched by regional trade rivals including India and Japan. 
 

UCJ, UNILORIN.