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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.

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