International programs to improve China's role
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| Port of Colombo is a joint investment by China and Sri Lanka as a project of the Belt and Road Initiative. [Photo/Xinhua] |
China and Sri Lanka treat the development of the 21st-Century Maritime Silk Road as an opportunity to further advance bilateral cooperation and infrastructure development.
The Chinese projects in Sri Lanka include a mega Port City project in Colombo, which will be the first of its kind in South Asia, and the development of the Hambantota Port in southern Sri Lanka.
Colombo Port City, the $1.4 billion project, which is currently under construction near the Colombo Harbor, is Sri Lanka's largest foreign direct investment.
The Sri Lankan cabinet in July approved an agreement on the Hambantota Port that China Merchants Port Holdings will own 70 percent stake of the port while Sri Lanka Ports Authority will own 30 percent.
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