LatestWhile Sri Lanka says the port deal with China is a means to claw itself out of debt, China says it’s a strictly commercial deal for one of its state firms. Last month state-owned China Merchants Port paid US$1.12 billion to the Sri Lankan government for a 70 per cent stake in the facility. It’s the second time China has bought into a Sri Lankan port – it took an 85 per cent stake in the Port of Colombo on the country’s west coast in 2013. Colombo, which has strong traditional and cultural ties with India, has rejected claims that China will use the Hambantota port for strategic purposes. “With the Hambantota port, China could have an alternative route or station for its vessels in the Indian Ocean,” Wang said.

Source: Sunday Times August 14, 2017 08:48 UTC