Sri Lanka is poised to sell a majority stake in its remote Hambantota port to a Chinese state company after revising the deal to assuage Indian concerns that the port would be used as a military base.
Sri Lanka is selling the port as part of its strategy to pay down some of its estimated $65bn in debts, including $8bn owed to China. Currently, nearly all Sri Lankan government revenue goes to debt servicing.
The $1.3bn, Chinese-built deep-sea Hambantota port, which began operating in 2011, is situated in a remote corner of Sri Lanka with little demand for large-scale freight traffic, making it financially unviable.
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