(MENAFN) Sri Lanka signed a long delayed U.S.D1.1b deal on Saturday to tenancy agreement its southern Hambantota port to China ignoring resumption by dissent parties to debate the pact in parliament.
Port Minister Mahinda Samaraasinghe told the gathering in Colombo port where the deal was signed, "We thank China for arranging this investor to save us from the debt trap."
He said the Chinese company will operate additional U.S.D600m to make Hambantota port operational while U.S.DF1.12b from the deal will be used for debt repayment.
Hu said, "With these maritime infra-structure investments, and other diverse investments such as the proposed international maritime center, Sri Lanka will be well positioned to play a strategic role in the one-belt-one-road initiative of China."
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