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Sri Lanka and India are poised to sign a memorandum of understanding to jointly develop Colombo's Trincomalee port.

Sri Lanka to Allow India to Develop Trincomalee Port to Counterbalance China

Apr 19, 2017 09:08 AM EDT

Sri Lanka is aiming to counterbalance China's presence in the island nation as it will allow India to develop its Trincomalee port. The island nation has reportedly prepared a memorandum of understanding (MoU) for the joint development of the project, and India's Prime Minister Narendra Modi would likely sign it during his visit to Colombo.

China Could Divest 20% of Sri Lanka's Hambantota Port Deal in 10 Years

Prei Dy |

Mar 24, 2017 06:54 AM EDT

China could give up 20 percent of the initial shareholding of the proposed Hambantota port joint venture within a decade to allow others to buy the shares, a minister revealed on Wednesday.

Chinese ambassador to Sri Lanka said that investors are running out of patience as protest against the Hambantota port acquisition continues.

Chinese Investors' Patience 'Running Thin' as Hambantota Port Protest Continues: Envoy Yi Tells Sri Lanka

Prei Dy |

Feb 16, 2017 04:17 PM EST

China's envoy to Sri Lanka Yi Xianliang has warned that Chinese investors planning to set up a Chinese-funded Economic Zone could run out of patience if the agitation over the Hambantota port acquisition continues.

Sri Lanka's President Rajapaksa attends a meeting with China's President Xi at the Great Hall of the People in Beijing

China Prohibited From Conducting Military Activities, Setting up Bases in Hambantota Port: Sri Lanka Ambassador

Prei Dy |

Feb 06, 2017 07:18 AM EST

China will not be allowed to conduct military activities or set up a military facility at the Hambantota Port, Sri Lanka's ambassador said on Saturday.

Sri Lanka, China Hambantota Port Deal Sparks Legal Concerns: Official

Staff Reporter |

Dec 18, 2016 10:41 PM EST

Sri Lanka's $1.12 billion Hambantota Port deal with China is poised to spark legal issues as amended legislations are reportedly required before the port could be handed over to a private company, legal experts said as reported by the Sunday Times.

Sri Lanka agrees to sell 80 percent stake of strategically located Hambantota port.

Sri Lanka Signs Agreement to Sell 80% Hambantota Port Stake to China

Charissa Echavez |

Dec 08, 2016 11:20 PM EST

Sri Lanka signed an agreement in principle on Thursday to sell at least 80 percent of its deep-water port on the country's southern coast, near the world's busiest sea lanes, to a Chinese state-backed firm, according to The Wall Street Journal citing senior officials.

Chinese funding project estimated to cost US$ 104.3 million, Lotus Tower stands over the lake on October 15, 2015 in Colombo, Sri Lanka.

Sri Lanka to Sell 80% Hambantota Port Stake to a Chinese Firm

Charissa Echavez |

Nov 01, 2016 06:50 AM EDT

Sri Lanka is set to sell an 80 percent stake of its Hambantota port in its south to a Chinese company, an attempt to cut its debt burden, Ravi Karunanayake, the country's finance minister, said.