Sri Lanka wants to amend Hambantota Port concession agreement
Sri Lanka’s cabinet revealed Wednesday that Ports Minister sought cabinet approval to amend the current concession agreement of the Hambantota Port.
Co-Cabinet Spokesman Gayantha Karunathilaka said Ports Minister Mahinda Samarasinghe sought their approval to amend the current concession agreement and to sign an additional agreement.
According to the cabinet proposal, Sri Lankan government has asked China Merchants Port Holdings (CM Port) to bring the date of paying the agreed investment value forward.
Upon completion of previous conditions, as per clause 4.2 of the current concession agreement, CM Port or its affiliates should pay their investment value to the government of Sri Lanka.
As per the current agreement, after deducting the security deposit, 10 percent of the investme...