Sri Lanka, China sign USD 500 Mn agreement for development funding
March 18, 2020 02:30 pm
Sri Lanka and China Development Bank have signed an agreement for a financing facility of US$ 500 million for development efforts.
Earlier, Senior Deputy Governor of Central Bank of Sri Lanka, Nandalal Weerasinghe stated that the Government is in the middle of negotiating a loan from the China Development Bank, which could be between $ 1-2 billion.
“The loan could be finalized within weeks, and the loan would be within the borrowing limits approved in a vote on account up to April,” he said whilst addressing the media during a press briefing in Colombo on 5 March 2020.
During the meeting, it was also disclosed that after the conclusion of the 25 April General Elections, via a proper 2020 Budget, there will be a borrowing plan for next year and even for the second half of this year.
Sri Lanka has to repay a total of $ 4.8 billion this year, with the next large payment of $ 1 billion due in September.
