CMPH, which holds the concession to operate Chinese port facilities in Djibouti, is 62 percent controlled by China Merchants Group, which, like COSCO, is wholly owned by SASAC.
The presentation of the 2016 results of CMPH confirmed three primary goals: to consolidate Asia, consummate Africa, break through Europe, and acquire new exposure in America; to capitalize on state-directed credit and political cover provided under OBOR to expand the ports network further; and, finally, to develop the Djibouti free-trade zone and enhance the company's "Port-Zone-City" integrated development model.
The aim is to make the Hambantota Port a 'total logistics solution provider,' the CMPH said in a statement.
With $294 million handed in, the CMPH has given, as down payment, 40 per cent of the total of $1.2 billion pledged to the port as per the Concession Agreement.