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COMPANY State owned by China, Merchant Port Holdings Co. Ltd. (CMPH) has completed the payment of $ 584 million (about Rs. 8,500 billion) as the last part of the Sri Lankan Port Authority's lease
under an agreement of 39 access to China at Hambantota's deepwater strategic port. The 99-year lease of the port amounted to $ 1.12 billion for the port that was inaugurated in December 2017, in which CMPH took a 70% stake in the port with a 99-year lease.
This port is the key part of Maritime Belt and China Road Initiative, to build a network of ports along China's southern sea route to facilitate trade.
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According to official estimates, the country's debt level is as high as $ 64.9 billion in 2016, which equates to 75% of gross domestic product, with a debt of about 8 billions of dollars expected in China.
Sri Lankan media reported this month that China had postponed its latest payment Lanka has opposed China's plan to develop an island of artificial entertainment near the project. It is unclear how this issue was handled before the last payment.
CMPH registered in Hong Kong is a state-owned holding company that operates port companies, containers, cold stores and logistics.
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