Sri Lanka formally joins China’s OBOR
The port was handed over to China Merchant Ports Holdings on a 99-year lease agreement at a ceremony in Colombo on Saturday.
Sri Lankan Prime Minister Ranil Wickremesinghe on the occasion said that with the development of the Hambantota Port, steps are also being taken to construct an economic zone there.
The Silk Road Economic Belt and 21st Century Maritime Silk Road Initiative, proposed by China in 2013, aims to build trade and infrastructure networks connecting Asia with Europe and Africa along the ancient Silk Road routes. (Xinhua)