MUMBAI -- Sri Lanka plans to offload a majority stake in a significant port to a Chinese company, as the island nation faces swelling interest payments and government debt.
The deal was confirmed on Friday in a statement released by the minister overseeing the port's development. According to local media, Sri Lanka will sell an 80% stake in the Hambantota port for about $1.1 billion to state-owned China Merchants Port Holdings. An official agreement will be signed as early as January.
