Jun 20, 2018 (LBO) - Sri Lanka's government has received the final tranche of investment value for Hambantota Port concession from China Merchant Port Holdings Limited (CM Port), Wednesday.
"This third and final tranche of US 584,194,800 dollars follows the 1st, a 2nd tranches released in December last year and January 2018," the Sri Lanka Ports Authority said in a statement.
"With this payment CM Port fulfills the US 976 million dollar investment value 1 of the port concession and in terms of the Concession Agreement."
The CM Port has agreed to deposit a further sum of US 146 million dollars being investment value 2 to be utilized for port and marine related activities, it added.
The cheque to the effect was handed over to the Chairman of the SLPA, Dr. Parakrama Dissanayake by the Chief Representative of China Merchant Group in Sri Lanka, Ray Ren.
This is the single highest Foreign Direct Investment (FDI) received by Sri Lanka to date.
The SLPA and the Government entered into the concession agreement with China Merchant Port Holdings Limited of Hong Kong in July last year for management, operation and development of Hambantota Port on Public Private Partnership (PPP) model.
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The two companies established in Hambantota plans further to invest an additional US 400 million dollars to US 600 million dollars on phase I and II of the Hambantota Port.
The concession agreement of Hambantota Port would further enhance the profitability of SLPA.
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