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COLOMBO Kolton Miller Jersey , July 29 (Xinhua) -- China Merchants Port Holdings and the Sri Lanka Ports Authority signed an agreement here on Saturday to develop the Hambantota Port in southern Sri Lanka.

Under the deal, the Chinese side will hold a 70 percent stake in two joint ventures to be launched to take charge of the commercial and administrative management operations of the port respectively.

After 10 years, the Sri Lankan side will gradually purchase an additional 20 percent stake, resulting in the two sides owning an equal share of 50 percent each, according to the agreement Cheap Oakland Raiders Jerseys , which is valid for 99 years.

At the signing ceremony, Sri Lanka's Minister of Ports and Shipping Mahinda Samarasinghe said, ""This is a historic day for us today as Sri Lanka and China venture on a new journey to develop the Hambantota Port.""

The Sri Lankan cabinet had on Tuesday approved the agreement, describing it as ""a win-win situation for both countries.""

Samarasinghe, at a media briefing on Tuesday Connor Cook Raiders Jersey , said, ""We hope to strengthen the operations of the Hambantota Port which will be beneficial for Sri Lanka.""

Hu Jianhua, executive vice president of China Merchants Group, said the signing of the agreement is significant, expressing the hope that China and Sri Lanka can make continuous efforts to turn the port into an international shipping hub linking South Asia with Africa.

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Cheongsam lovers present cheongsam in front of the newly-built South Gate of the Zhengding ancient town in Shijiazhuang Arden Key Raiders Jersey , capital of north China's Hebei Province, Sept. 3, 2017. (XinhuaZhan Xincheng)

Enchanting Xiamen ahead of 9th BRICS Summit

Rice in NE China enters harvest season

Salt fields enter into harvest season in China's Liaoning

Schools in China open recently after summer vacation

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World Robot Conference attracts visitors in Beijing

BEIJING, Aug. 23 (Xinhua) -- China's Hushen 300 index futures closed higher on Wednesday, with the contract for September 2017 up 0.4 percent to finish at 3 Brandon Parker Raiders Jersey ,741.6 points.

The October 2017 contract gained 0.31 percent to close at 3,725.4 points. The December 2017 contract was up 0.39 percent to finish at 3,698 points. The March 2018 contract went up 0.32 percent to finish at 3,670 points.

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