Sri Lanka seals deal with India
Sri Lanka seals deal with India. Sri Lanka entered into a partnership with India and Japan on Tuesday, 28 May, to develop a deep-sea container terminal next to a controversial Chinese-run container jetty in Colombo harbour which will Known as East Terminal of the Colombo port.
The Sri Lanka Ports Authority (SLPA) was quoted as saying that a memorandum of cooperation (MOC) had been signed between the three countries for the development of the port. While Sri Lanka will retain 51 percent of the company that will run the terminal, the rest will be owned by India and Japan. Sri Lanka borrowed heavily to build the nine-year-old Hambantota port but couldn’t repay the loans, and then gave China a 99-year lease for debt relief.
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