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Hambantota port will alleviate Sri Lanka's debt burden says minister

Sri Lanka's minister of ports and shipping, Mahinda Samarasinghe on Saturday welcomed the signing of the Hambantota deal arguing it would help to alleviate the country's considerable debt burden. 

"According to the ultimate agreement signed today, the Treasury will directly receive a sum of US$ 1.12 billion. In addition the Chinese Company has agreed to invest another US$ 600 million in the future," Mr Samarasinghe was quoted by Colombo Page as saying at the signing ceremony. 

"The government has the ability to amend the agreement in future as a result of a clause added to the agreement by President Maithripala Sirisena. Any clause of the agreement is liable to change according to the conditions agreed upon at any stage."

"In addition to the US$ 1.12 billion further US$ 600 million will be spent to modernise the Hambantota harbor considered as the largest swimming pool of the world."