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Hambantota Port deal with China runs into rough weather

China has withheld the final tranche of USD 585 million to Sri Lanka from the Hambantota Port deal due to Colombo’s reservations over its plan to use a man-made island in the vicinity for entertainment purposes, media reports alleged.

In December last year, Sri Lanka handed over the control of the southern sea port of Hambantota to China on a 99-year lease for USD 1.12 billion, amid concern in some quarters over Beijing’s efforts to expand its influence in the region. If the last tranche is released it would create some foreign exchange stability, observers said.

It would in turn help to attract foreign investors to the Colombo Stock Exchange (CSE) the sources added. Chinese navy has fascination for man- made islands which can be used for strategic purposes in future. In fact China has created man made islands in the South China Sea inviting criticism from its neighboring countries. China is also in possession of some islands close to Myanmar and Andaman Nicobar islands.

M-13China has withheld the final tranche of USD 585 million to Sri Lanka from the Hambantota Port deal due to Colombo’s reservations over its plan to use a man-made island in the vicinity for entertainment purposes, media reports alleged.

In December last year, Sri Lanka handed over the control of the southern sea port of Hambantota to China on a 99-year lease for USD 1.12 billion, amid concern in some quarters over Beijing’s efforts to expand its influence in the region. If the last tranche is released it would create some foreign exchange stability, observers said.

It would in turn help to attract foreign investors to the Colombo Stock Exchange (CSE) the sources added. Chinese navy has fascination for man- made islands which can be used for strategic purposes in future. In fact China has created man made islands in the South China Sea inviting criticism from its neighboring countries. China is also in possession of some islands close to Myanmar and Andaman Nicobar islands.

 

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