China, Sri Lanka Talk Infrastructure in Beijing

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Sri Lanka’s Foreign Minister Tilak Marapana met with his Chinese counterpart, Wang Yi, in Beijing on October 30 to discuss closer bilateral cooperation on key infrastructure projects. In July, protests erupted when Chinese companies acquired Hambantota port. The following numbers summarize key aspects of the port deal.

29: The date in July 2017 that China Merchants Port Holdings Company (CMPort), a Chinese state-owned enterprise, entered into a concessions agreement for Hambantota port and adjacent industrial zone with Sri Lanka’s Government, the Sri Lanka Ports Authority, Hambantota International Port Group (HIPG) and Hambantota International Port Services Company (HIPS)

58: The percent stake that CMPort owns in HIPS, the company with the exclusive rights to develop, operate and manage Hambantota port’s common user facilities

85: The percentage of loans for the construction of Hambantota that were provided by China, according to a senior official at the Sri Lanka Ports Authority

85: CMPort’s percent capital stake in HIPG, the company with the sole rights to develop, operate, and manage Hambantota port

99: The number of years stipulated for the length of the concession agreement

2015: The year that construction was completed on the second phase of the Hambantota port project

15,000: The number of acres dedicated to the industrial zone at Hambantota

$973.6 million: The amount paid by CMPort to the Sri Lanka Ports Authority for majority shares in HIPG and HIPS

$1.2 billion: The amount that CMPort committed to investing in Hambantota as part of the concessions agreement, including the amount paid for a majority stake in the port’s operators, HIPG and HIPS

$1.3 billion: The approximate combined cost to construct Phase I and Phase II of the Hambantota port expansion project from 2010 to 2015

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