After several months of delay, the Sri Lankan government signed an agreement with China on the development of the Hambantota Port, on Saturday.

Under the deal, China Merchants Port Holdings will own a 70 percent stake in the port and will manage its operations. Sri Lanka is responsible for security alongside navigation and approvals operations. 

Sri Lankan Ports Minister Mahinda Samarasinghe said though the negotiations with China took awhile, all matters were thoroughly discussed for the benefit of both countries.

"This agreement will be a win-win situation for both China and Sri Lanka. We hope to strengthen the operations of the Hambantota Port which will be beneficial to Sri Lanka," Samarasinghe said.

(Source: Xinhua)