2007ID: SL-EXT-2007-002 (CH-EXIM-2007-33)
Hambantota Magampura Mahinda Rajapaksa Port (Phase I)
හම්බන්තොට මාගම්පුර මහින්ද රාජපක්ෂ වරාය (පළමු අදියර)
RESTRUCTURED
Official Agreement: Government Concessional Loan & Buyer Credit Agreement for Ruhunu Magampura Port
Original Principal$307 MUSD 307,000,000
Current Outstanding$217 MRs. 65,534 M
Principal Repaid$90 MInterest Paid: $104.2M
Interest Rate6.3%MIXED (Commercial Buyer Credit: CIRR benchmark + floating margin (initially ~6.30% effective rate))
Why Was This Loan Taken? Officially Stated Purpose
Construction of deep-water commercial seaport basin, breakwater, and maritime service infrastructure in Hambantota.
හම්බන්තොට ගැඹුරු මුහුදු වාණිජ වරාය ද්රෝණිය, දියකඩනය සහ සමුද්රීය සේවා යටිතල පහසුකම් ඉදිකිරීම.
Responsible MinistryMinistry of Ports & Aviation
Implementing AgencySri Lanka Ports Authority (SLPA)
Project Site / ScopeHambantota, Southern Province
Full Contractual Terms & Financing Conditions
CreditorExport-Import Bank of China (Exim Bank)China
Borrower EntityGovernment of Sri Lanka / Sri Lanka Ports Authority (SLPA)CENTRAL_GOVERNMENT
Signing Date2007-10-28Effective: 2008-01-15
Final Maturity2034-12-31Original: 2022-10-28
Interest Rate6.3% (MIXED)Fixed Coupon
Grace Period4 YearsPrincipal moratorium
Repayment FrequencySEMI_ANNUALEQUAL PRINCIPAL
Commitment Fee0.5%On undisbursed balance
CONTRACTUAL TIMELINE
Loan Duration & Repayment Schedule Architecture
Total Tenure: 15 Years
1
Agreement Signing2007-10-28Year: 20072
Grace Period Moratorium4 YearsInterest only (No principal due)3
Principal Repayment Starts2011-06-30Frequency: SEMI_ANNUAL4
Final Maturity2034-12-313045 Days RemainingAmortization Method: EQUAL PRINCIPAL
Repayment Window: 11 Years2024 Sovereign Debt Restructuring Treatment
Original Contract Terms (Pre-Restructuring)
Commercial buyer credit at 6.3% maturing 2022.
Original Maturity: 2022-10-28
Post-Restructuring Terms (2024 Agreement)
Extended under China Exim Bank bilateral framework with maturity to 2034 and interest rate step-down.
New Maturity: 2034-12-31
Treatment: MATURITY_EXTENSION (0% Haircut)
Government in Office & Political Context When Signed
President / Head of StateMahinda Rajapaksaමහින්ද රාජපක්ෂ
Prime MinisterRatnasiri Wickremanayakeරත්නසිරි වික්රමනායක
Finance MinisterMahinda Rajapaksaමහින්ද රාජපක්ෂ
Constitutional Record: This loan was executed under the official mandate of the Mahinda Rajapaksa Administration (First Term). The sovereign obligor is the Democratic Socialist Republic of Sri Lanka.
Auditor General Official Record
Auditor General Report on Hambantota Port Viability & Revenue Operational Performance (2016)
Operating losses between 2011-2016 totaled over Rs. 46.7 Billion, resulting in debt service coverage ratio falling below 0.12.
Financial Impact Noted: Rs. 46,700 Million
Status: RESOLVED
Cabinet & Parliament Approvals
Cabinet Paper: CP/07/1908/04 (2007-09-12)
Approved $307M credit facility from Exim Bank of China with CHEC/CCCC consortium.
Parliamentary Hansard / Act: Sri Lanka Ports Authority (Special Provisions) Act & Hambantota Concession Debate
Hansard Vol 255 Col. 120-210
CONTRACT AMORTIZATION SCHEDULE
Repayment Tranches & Debt Service Schedule
| Payment Date | Year | Opening Balance | Principal Repayment | Interest | Fees | Total Debt Service | Closing Balance |
|---|---|---|---|---|---|---|---|
| 2026-06-30 | 2026 | $217.00M | $0.00M | $6.07M | $0.20M | $6.27M | $217.00M |
| 2027-06-30 | 2027 | $217.00M | $10.00M | $6.07M | $0.20M | $16.27M | $207.00M |
| 2028-06-30 | 2028 | $207.00M | $25.00M | $5.79M | $0.20M | $30.99M | $182.00M |
| 2029-06-30 | 2029 | $182.00M | $30.00M | $5.09M | $0.20M | $35.29M | $152.00M |
| 2030-06-30 | 2030 | $152.00M | $30.00M | $4.25M | $0.20M | $34.45M | $122.00M |
| 2034-12-31 | 2034 | $30.50M | $30.50M | $0.85M | $0.10M | $31.45M | $0.00M |
Verified Document Library & Primary Sources
Central Bank of Sri Lanka Annual Report 2025 (Public Debt Operations)Central Bank of Sri Lanka (CBSL) | Published: 2026-04-30
Verify SourceMinistry of Finance & Planning - Public Debt Management Bulletin (Q4 2025)Department of Public Debt, Ministry of Finance | Published: 2026-02-15
Verify SourceDepartment of External Resources (ERD) Foreign Financing Performance Report 2025Department of External Resources, Ministry of Finance | Published: 2026-03-31
Verify Source