Sri Lanka has cleared a revised agreement for a local port built by China Merchants Port Holdings that had led to street protests when it was initially signed.

China Merchants Port spent $1.5bn to construct the terminal of Hambantota and acquired an 80% stake in 2016, when the port incurred heavy losses.

Sri Lankans hit the streets at the time, fearing loss of their land and claimed that its country’s sovereignty was in danger.