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.
By continuing to browse this website, you accept cookies which are used for several reasons such as personalizing content/ads and analyzing how this website is used. Please review our
to learn how you can update your cookie settings.