COLOMBO, Oct. 30 (Xinhua) -- The Sri Lankan government and China's Exim Bank Tuesday signed a financial agreement to fund the Hambantota harbor project in Sri Lanka's deep south.

According to the agreement signed by the two parties, China's Exim Bank will provide an export buyer's credit of 360 million U.S. dollars for the project in Hambantota, about 240 km southeast of Colombo.

Li Ruogu, chairman of China's Exim Bank, and P. B. Jayasundara, secretary to Sri Lanka's Finance Ministry, signed the agreement on behalf of the two sides.

Li said his bank was very happy to support one of Sri Lanka's largest development projects and he hoped the project a success.

The primary objective of the Hambantota project is to synchronize different aspects of development such as shipping, trans-shipment, shipbuilding, and catering to increase exports and imports, for which the Port of Colombo does not have enough space and facilities.