The 'Hambantota Port' in Sri Lanka was developed with financial assistance received from which country?
Show answer & explanation
Correct answer: B
Explanation
Correct Answer
China
Explanation
The Hambantota Port, located in the southern part of Sri Lanka, was developed with substantial financial loans and investment provided by China. The project was executed through Chinese state-owned enterprises, and it has become a prominent example of infrastructure development under China's Belt and Road Initiative (BRI). Due to difficulties in servicing the debt associated with the project, Sri Lanka eventually entered into a long-term lease agreement in 2017, granting a Chinese state-controlled company control over the port and its surrounding industrial zone for 99 years.
Key Points
The development of Hambantota Port has been a subject of significant international geopolitical interest, often discussed in the context of "debt-trap diplomacy" concerns. The port's strategic location along major international shipping routes makes it a vital asset in the Indian Ocean region, drawing attention from neighboring nations, particularly India, regarding regional security and maritime influence.
Important Questions and Answers
Question: Under which major infrastructure program was the Hambantota Port project largely executed?
Answer: China's Belt and Road Initiative (BRI).
Question: What is the duration of the lease agreement signed by Sri Lanka for the Hambantota Port?
Answer: 99 years.