Sri Lanka to hand management of China-built airport to India, Russia cos

1 year ago 25

NEW DELHI:

Sri Lanka

will transfer the management of its $209 million Chinese-built airport to two Indian and Russian companies, as stated by a cabinet statement on Friday, in an effort to decrease losses from its state enterprises. Since its inauguration in 2013, Mattala Rajapaksa International Airport, which was financed by China EXIM Bank, has been a subject of controversy because of its low flight numbers, environmentally sensitive location, and ongoing financial losses.
The management of the airport will be transferred to Shaurya Aeronautics (Private) Limited from India and Airports of Regions Management Company from

Russia

for a period of 30 years as per a statement from the cabinet, without disclosing the value of the deal.

Sri Lanka is in discussions with China EXIM Bank to reorganize the airport loan, which is a portion of the $4.2 billion borrowed for various infrastructure projects. The airport was constructed while former president Mahinda Rajapaksa was in office, and he aligned the country more closely with China.
( with input from agencies)

Article From: timesofindia.indiatimes.com

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