Amended Hambantota port agreement signed

The much anticipated signing of the amended Hambantota port agreement took place today.Ports Minister Mahinda Samarasinghe said that the agreement will be open for further amendments if required. “Any provisions of this agreement can be amended,” the Minister said. He said that if there are some positive recommendations put forward then it will be included in the agreement.Under the agreement the Sri Lanka Ports Authority and China Merchant Port Holdings Company Ltd will establish the Hambantota International Port Services Co. (Pvt) Ltd – with a capital of USD 606 million and 50.7% shares to SLPA and 49.3% to CMPort. Samarasinghe said that the signed agreement will be presented to cabinet and Parliament and will be open for debate. The Hambantota International Port Group (Pvt) Ltd – with a capital of USD 794 million and 15% shares to SLPA and 85% to CMPort as in SAGT terminal and CICT terminal will also be established.Accordingly, instead of 80:20 share distribution in the initial agreement shares of overall investment will be revised as 69.55 to CMPort and 30.45 for SLPA. (Colombo Gazette) read more