CURRENT AFFAIRS

Detailed explanation-1: -The Hambantota port was leased to China for 99 years in 2017 when Sri Lanka was unable to pay back the money borrowed to build it. That raised fears in India and Western countries that the port could be used by China’s navy to project power in the Indian Ocean, a vital seaway for global commerce.

Detailed explanation-2: -It is a 100% owned subsidiary of China Harbour Engineering Company Ltd (CHEC). China Communications & Construction Company (CCCC) which is the Parent Company of CHEC is listed on the Stock Exchanges of Shanghai and Hong Kong.

Detailed explanation-3: -Adani International Port Holdings will have majority stakes of 51%, John Keells would hold 34%, and the SLPA, 15%. The first phase of the project is expected to be completed by the end of 2024, and the second phase, by mid-2026, authorities said.

Detailed explanation-4: -PROJECT Spanning 269 hectares of reclaimed land from the sea, Port City Colombo will be South Asia’s premiere residential, retail and business destination, offering unmatched planned city living along the warm waters of the Indian Ocean.