The Ministry of Ports and Shipping in a statement today said that the final tranche of investment value for the Hambantota Port concession was released by China Merchant Port Holdings Limited (CM Port).
This third final tranche in the amount of USD 584,194,800 follows the 1st and 2nd tranches released in December last year and January 2018, amounting to USD 292 million and USD 97 million respectively. With this payment, CM Port fulfills the USD 976 million investment value 1 of the port concession and in terms of the Concession Agreement, CM Port has agreed to deposit a further sum of USD 146 million being investment value 2 to be utilized for port and marine related activities.
This incidentally makes the single highest ever Foreign Direct Investment (FDI) received by Sri Lanka to date, the Ministry added.
The two companies established in Hambantota plans further to invest an additional USD 400 million to USD 600 million on phase I and II of the Hambantota Port. These investments will attract many other foreign investors to the country, making Sri Lanka a pivotal maritime and Logistics Centre
“CM Port is one of the most successful global companies in the ports sector, and their investment in the Port of Hambantota can be described as a credible vote of confidence in its potential as well as in the economy of Sri Lanka,” said Parakrama Dissanayake – Chairman SLPA.
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