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Sri Lanka clears revised port deal to limit China's role in Hambantota

China Merchants Port Holdings has agreed to reduce its stake in operations to 65% after 10 yrs

Reuters  |  Colombo 

Sri Lanka's cabinet cleared a revised agreement for its Chinese-built southern port of Hambantota on Tuesday, the government said, after terms of the first pact sparked widespread public anger in the island nation. The port, close to the world's busiest shipping lanes, has been mired in controversy ever since state-run China Merchants Port Holdings, which built it for $1.5 billion, signed an agreement taking an 80 per cent stake. Under the new deal, which Reuters has examined, the Sri Lankan government has sought to limit China's role to running commercial operations ...

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First Published: Tue, July 25 2017. 16:12 IST