Minister Samarawickrama was quoted by the Divaina newspaper as saying that it would not be handed over to the Chinese government but to Chinese SOEs (State Owned Enterprises) and had even submitted a restructuring plan.

He added that already a feasibility and an assessment was being carried out by an accounting firm in order to ascertain the business value and terms and conditions of such an arrangement.
“The previous regime had executed these plans in a manner which was disadvantageous for the country. We work with the Chinese consortium to ensure that these would be run in an advantageous manner for the country,” the Minister added.

Although Magampura Mahinda Rajapaksa Port cost US$ 426 million to construct, the government says that the actual cost thus far has been over US$ 1,300 million and it has not yet even completed Phase IV. The first USD 306 million for the MMRP was from China EXIM Bank, originally agreed upon at LIBOR + 0.90 percent, or in today’s rate at 1.78 percent but subsequently changed to fixed rate of 6.30 percent on a cabinet paper presented by the President Mahinda Rajapaksa himself; the next USD 140 million again from the same bank including the USD 45 million to blast a ‘rock’ that created much discussion and a further USD 808 million also from China EXIM Bank for Phase II. The Phase I loan, signed in 2007, has a 15-year tenor with a four-year grace period. In addition this figure is without the associated costs such as the bunkering oil tank farm that have never been used which cost US$ 130 million of which USD 76.5 was also a loan from the same bank while the rest came from local banks.

The original cost for the Mattala Rajapaksa International Airport (MRIA) was USD 208 million funded by China EXIM Bank and a further USD 100 million for improvements later and some USD 40 million for oil storage facility; in excess of the said USD 190 million and from sources not divulged by Rajapaksa.