Sri Lanka studies building navy base at Hambantota port
Sri Lanka's Minister of Ports Arjuna Ranatunga made the announcement, which will allow him to negotiate with the China Harbour Engineering Company (CHEC), who initially put forward the proposal for the building and repair of navy ships.
Hambantota Port was built at a cost of $1.5 billion, financed through a loan from EX-IM Bank of China. Work is currently underway on the second phase of development at the port, at a cost of $808 million. It was built by CHEC, who also won a $1.4 billion contract to construct the Colombo ‘Port City’, a project that has been stalled by the current government.
