China-Hambantota Port Deal

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The Hambantota port is a maritime port in Sri Lanka. On July 29th, 2017, Sri Lanka Ports Authority (SLPA) and China Merchant Port Holdings signed an agreement on Hambantota Port for $1.4 billion. The agreement was to lease the port to China Merchant Port Holdings for 99 years. China is expanding its footprint in the Indian Ocean through Hambantota.