Proceeds from China Merchant Port Holdings Co. Ltd received on account of handing over operations of Hambantota Port:CB

The first payment of USD 292.1 million from the China Merchant Port Holdings (CMPort) Co. Ltd for the handing over of operations of the Hambantota Port has been credited the Central Bank said in a statement.

The amount was credited to the US Dollar account of the Government of Sri Lanka maintained by the Central Bank.
The Port was handed over to the Chinese company on  December 9, where Prime Minister Ranil Wickremesinghe was given a cheque of USD 292,097, 400 million as an advance payment.

The Government in November decided to amend the clauses of the Hambantota Framework Agreement between CMPort, Sri Lanka Ports Authority (SLPA), Government of Sri Lanka, CMPort, Hambantota International Port Group (Pvt) Ltd, and Hambantota International Port Services Company (Pvt) Ltd to fast track the scheduled payments from the deal.

The new agreement stated that “30 percent would be paid on the date of signing, 10 percent after a month since signing and to pay the remaining 60 percent within six months of signing”- the government news portal reported.

The Government signed the Framework Agreement with CMPort for USD 1.12 billion.