CURRENT AFFAIRS

Detailed explanation-1: -Struggling to pay back over eight billion-dollar Chinese loans and investments, the previous Sri Lankan government has handed over the majority share of the Hambantota port to a Chinese state-owned company on a 99-year lease to raise USD 1.2 billion.

Detailed explanation-2: -After victory, Sri Lankan Prime Minister Ranil Wickremesinghe announced the “Regaining Sri Lanka” economic development programme in 2002, which identified the Hambantota port for development.

Detailed explanation-3: -COLOMBO, Sri Lanka-It all began 20 years ago, when China loaned Sri Lanka more than $1 billion to build a fancy new port-what would become its second-largest-on its southern coast. The Hambantota port, with its strategic location near busy Indian Ocean shipping routes, was touted as good for Sri Lankan commerce.

Detailed explanation-4: -Hambantota International Port is a free port guided by a master plan intended to make it a leading investment hub, while helping investors reap the benefits of its strategic location. The seven acre maritime industrial park provides opportunities for: Manufacturing: for various light, medium and heavy industries.