The airport has not generated enough revenue to pay back the loans.
Environmentalists have also criticised the airport that was built in an elephant and bird habitat.
Migratory birds, which frequent the area, have been involved in collisions with aircraft approaching or departing from the airport.
Rajapaksa's Chinese-assisted infrastructure projects have raised much criticism. However the current government of his successor Maithripala Sirisena was not able to abandon any of them.
Rajapaksa has hit back at the Sirisena government for "sell outs" of the Chinese projects allegedly through converting high interest loans into equity with Chinese state firms.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)