Categories: BusinessHeadlines

CB confirms receipt of $ 292.1 m CMPort payment

The Central Bank yesterday confirmed the receipt of the first payment from China Merchant Port Holdings (CMPort) in connection with the public-private partnership (PPP) with the Sri Lanka Ports Authority (SLPA) over the management of the Hambantota Port.

“Subsequent to the agreement signed between the Sri Lanka Ports Authority and the China Merchant Port Holdings Ltd., $ 292.1 million has been credited to the US dollar account of the Government of Sri Lanka maintained at the Central Bank of Sri Lanka,” a statement said.

The Government on 9 December handed over the Hambantota Port to a joint venture company floated by CMPort and SLPA in a PPP exercise which entails an investment of $ 1.12 billion by CMPort.

The balance payment will be received within six months.

Prime Minister Ranil Wickremesinghe officiated the handover of operations of the port to the two joint venture companies – Hambantota International Port Group Ltd. (HIPG) and Hambantota International Port Services Ltd. (HIPS).

The two new companies are likely to invest a further $ 500-600 million in infrastructure development over the project implementation period adding to the country’s FDI inflows.

The Hambantota Port was built during the tenure of former President Mahinda Rajapaksa with a loan of Rs. 193 billion. To date, the port has severely underperformed and recorded an accumulated loss of over Rs. 46.7 billion as at the end of 2016.

AddThis Website Tools
Lankanewspapers

Recent Posts

LNP – Coconut harvest to drop further this year, imports to continue

LNP – Coconut harvest to drop further this year, imports to continue

The Coconut Research Institute has forecast a further decline of 250 million nuts crop for…

20 hours ago
LNP – Trouble for Sinopec oil refinery in Hambantota Port – report

LNP – Trouble for Sinopec oil refinery in Hambantota Port – report

The proposed $3.7 million oil refinery to be built by China’s Sinopec in Sri Lanka’s…

20 hours ago
LNP – Film festival showcases what artificial intelligence can do on the big screen

LNP – Film festival showcases what artificial intelligence can do on the big screen

Artificial intelligence ’s use in movie making is exploding. And a young film festival, now…

20 hours ago
LNP – Van carrying schoolchildren crashes in Ragala; Three injured

LNP – Van carrying schoolchildren crashes in Ragala; Three injured

A van transporting schoolchildren veered off the road and overturned yesterday afternoon, injuring a schoolgirl,…

1 day ago
LNP – Sigiriya becomes nation’s first sustainable destination

LNP – Sigiriya becomes nation’s first sustainable destination

Sri Lanka’s tourism sector has reached a major sustainability milestone, with Sigiriya being officially declared…

1 day ago
LNP – Sri Lanka’s remittance inflow exceeds $3 billion in first 5 months

LNP – Sri Lanka’s remittance inflow exceeds $3 billion in first 5 months

Sri Lanka has received USD 641.7 million in workers’ remittances in May 2025, according to…

1 day ago