Hambantota Port incurred loss of Rs. 44 bn from 2010 to 2017

Ports and Shipping Minister Mahinda Samarasinghe revealed in Parliament yesterday that the Hambantota Port had incurred a loss of Rs.44 billion during the seven years between 2010 and 2017.

He said if saved, that money could have been spent to develop other ports including the Eastern Container Terminal of the Colombo Port. The minister said the government was not prepared to sell any of the ports and added that the government was adopting a strategy to develop the economy by overcoming the debt trap.

He said to achieve this the Hambantota Port would be leased out to a Chinese company for a certain period of time through a transparent procedure. “We will sign the agreement in a transparent manner after presenting it to the Cabinet. The agreement will be presented in Parliament for approval during which time you can voice your opinion,” he said.

He said the Hambantota Port would be developed with the remaining funds after paying off the debt.