Updated Mar 03, 2021 | 12:04 IST The latest development comes just weeks after Colombo decided to reverse course on a 2019 agreement that would have seen India and Japan build the East Container Terminal at the Colombo Port. Sri Lankan President Gotabaya Rajapaksa.  |  Photo Credit: PTI Key Highlights According to the latest reports, the Indian High Commission in Colombo has “approved” the offer, yet no statement has been released from India's Ministry of External Affairs Following Sri Lanka's difficulties in servicing Chinese debt, the government ceded ownership of the China-financed Hambantota Port Project with Colombo giving the port on lease to Beijing for a period of 99 years in December 2017