Sri Lanka Secures $3.7 Billion Chinese Investment

Sri Lanka has secured its largest-ever foreign investment, with China committing $3.7 billion to construct a state-of-the-art oil refinery in Hambantota during President Anura Kumara Dissanayake's recent visit to China. The refinery will have a capacity of 200,000 barrels per day, with a significant portion of its output earmarked for export to enhance Sri Lanka's foreign exchange earnings. This investment is seen as crucial for bolstering the nation's economic growth and improving the livelihoods of communities in the Hambantota region. The deal also strengthens China's Belt and Road Initiative ties with Sri Lanka, following the signing of 15 agreements during Dissanayake's visit. The strategic Hambantota port, previously leased to China, has been a point of contention due to past debt issues, but this new investment reflects a shift towards solidifying bilateral relations. As Sri Lanka navigates its complex geopolitical landscape, including relations with India, the refinery project is positioned as a pivotal development for the country's future.