China will invest $1 billion in the construction of three 60-storey buildings at a mega-project near Sri Lanka’s main port, Colombo said Tuesday, as Beijing aims to boost its influence in the Indian Ocean. The deal follows an earlier Chinese investment of $1.4 billion to carry out reclamation work for the …
The deal follows an earlier Chinese investment of $1.4-billion (R17-billion) to carry out reclamation work for the wider Colombo International Financial City development, strategically located next to Sri Lanka’s harbour, the only deep sea container port in the region. The countries hope the project, …
Sri Lanka received its first instalment from China for Hambantota Port totalling US$ 292.1 million, the Central Bank confirmed on December 26. The sum was credited to Sri Lanka by China Merchant Port Holdings (CMPort) in line with the long lease of Ham…
COLOMBO, Dec. 18 (Xinhua) — Sri Lanka and China on Monday exchanged plaques of friendship commemorating the 65th anniversary of the Rubber-Rice Pact agreement which was signed between the two countries in 1952. The celebratory event was held in capita…
But the Sri Lankan government has struggled to repay the debt, with the project incurring heavy losses. Along with loans taken out for other infrastructure development projects, Colombo now owes China a total of $8bn. "With [the Hambantota port] a…
Sri Lanka has formally handed over its southern port of Hambantota to China on a 99-year lease, which government critics have denounced as an erosion of the country’s sovereignty. The $1.3bn port was opened seven years ago using debt from Chinese state-controlled entities. But it has since …
COLOMBO, Dec. 9 (Xinhua) — China has accounted for 35 percent of foreign direct investments (FDI) into Sri Lanka up to September this year, with FDI for 2017 expected to total 1.36 billion U.S. dollars, local media reported on Saturday. According to a…
China’s right-leaning newspaper today raked up the Hambantota airport issue in Sri Lanka, also known as “emptiest airport in the world”, asserting that …
China is willing to enhance cooperation with Sri Lanka within the framework of the Belt and Road Initiative, Foreign Minister Wang Yi said Monday.
When you think of the world’s great tea-growing regions, you might think of parts of India, Sri Lanka, China or Kenya. Odds are, though, you don’t think …