Hambantota, again

Talking of China’s maritime interest in Sri Lanka, Beijing is taking a big step forward on Monday when its companies sign contracts in Colombo to build the green field Hambantota port, on the southern edges of the island nation.

China, which has been eyeing the strategically located Hambantota port for a long time, completed the negotiations when the Sri Lankan President, Mahinda Rajapakse, was on an official visit in Beijing earlier this month.

Beijing has apparently promised to fund nearly 80 per cent of the $420 million port project at Hambantota. The two Chinese construction companies — China Harbour Engineering Company Limited and Sino Hydro Corporation Limite — are expected to initiate work on the project within three months without waiting for the release of funds from the Chinese government. The first phase of the project is likely to be completed in three years.