Strategic Sri Lankan Port is Controlled by China Through a 99-Year Lease
Sri Lanka transferred control of its port Hambantota to China in a 99-year lease, a plan designed to relieve the country’s large burden of debt. Signed in July 2017, the plan gives China Merchants Port Holdings a 70 percent stake in a joint venture with Sri Lanka Ports Authority.
The lease has drawn criticism from Sri Lankans because of the port’s value, its strategic location and its importance in a “new Silk Road” for trade between Europe, the Middle East, China and Asia.
Image: Dinesh De Alwis, Wikimedia Commons.