Sri Lanka agreed to sell 70 percent of the stakes in the port to China Merchants Ports Holdings.
Sri Lanka will finally sign a US$1.1bil deal today to lease the southern Hambantota port to China, after several months of delay caused by local protests and claims by opposing politicians that this would threaten national security.
Sri Lanka's minister of ports and shipping, Mahinda Samarasinghe on Saturday welcomed the signing of the Hambantota deal arguing it would help to alleviate the country's considerable debt burden.
The agreement comes after a almost six-month delay since the signing of the framework deal, which immediately drew public criticism and protests.
Under the new deal, which Reuters has examined, the Sri Lankan government has sought to limit China's role to running commercial operations at the port while it has oversight of broader security.
The Chinese will manage port operations and Sri Lanka will handle port security, the minister said, indicating that it should allay fears that the port could be misused by the Chinese. Cash from the firm's majority stake will be used to repay part of the island nation's huge foreign debt.
The port's annual loan repayment commitment stands at $59 million, and by the end of 2016 the port had suffered a loss of $304 million, according to the government.
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Critics say the new assembly could, through constitutional changes, give Maduro new powers and dissolve state institutions. According to our constitution, we have only one way you can call Constituent Assembly - after you have uninominal votes.
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Charlie's parents fought ardently in court to ensure their baby was transferred to NY to receive an experimental treatment. Great Ormond Street Hospital took the parents to court over the hospital's desire to withdraw Charlie's life support.
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Tiger Woods had a vicious lip-out in his bid for 62 in the second round of the 2007 PGA Championship at Southern Hills. Saturday was a historic day at Birkdale, and Grace will be remembered as the first to ever shoot a 62 in a major.
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