ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

Sri Lanka to sell port to Chinese company

Strategically located harbor could become part of key global trade route

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more