Sri Lanka and China sign $1.1 billion Hambantota Port Deal

Posted on:31 Jul 2017 10:03:33
Sri Lanka and China sign $1.1 billion Hambantota Port Deal
31 July 2017 Current Affairs: Sri Lanka signed $1.1 billion deal to the United States of America to sell a 70% stake in the strategic Hambantota deep-sea port to China.

It is a deep-water port in the southern tip of Sri Lanka.

The deal was signed between Sri Lanka Ports Authority (SLPA) and China Merchants Port Holding Company (CMPort)

These sea lines run through several major maritime choke points such as the Strait of Mandeb, Strait of Hormuz, Strait of Malacca and the Lombok Strait as well as other strategic maritime centres in Pakistan, Maldives, Sri Lanka, Bangladesh, and Somalia. 

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