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China offers $580 million for Sri Lanka development projects
China Development Bank will lend $580 million to Sri Lanka to help implement key infrastructure projects. The loan will bring CDB's total lending to Sri Lanka to more than $1.4 billion.
According to the document, $300 million of the loan will be spent on developing roads and $200 million on water supply projects, with the rest going to the national business school.
It said CDB had already extended $652 million for road development projects and $214 million for an irrigation project.
The loan announcement comes ahead of a four-day official visit to China by Sri Lankan President Mahinda Rajapaksa.
The $59 billion economy has increasingly relied on China for financing and technical expertise for reconstruction projects following the end of its long civil war in May 2009.
In March, China's Export-Import Bank agreed a $278.2 million loan to finance a rail track to a port Beijing is building in Sri Lanka's deep south of Hambantota.
China has loaned $1.5 billion for the port's construction and $209 million for a nearby airport.
China to lend $580 mln for Sri Lanka development projects | Reuters
Sri Lankan President to visit China next week
Sri Lankan President Mahinda Rajapaksa will pay a state visit to China from May 27 to 30.
Ranjith Uyangoda, the Sri Lankan ambassador to China, told the Global Times on Tuesday that the two countries are expected to sign agreements on political, economic, cultural and tourism sectors during the president's trip.
Rajapaksa will hold meetings with Chinese President Xi Jinping and Premier Li Keqiang during his stay in Beijing, and meet Vice President Li Yuanchao on the sidelines of a summit on environment in Xi'an, capital of Shaanxi Province.
Business leaders from the two countries will attend a forum in Beijing on May 28 to expand their relations, said the ambassador.
Sri Lanka's president to meet with Xi Jinping in Beijing at end of May - WORLD - Globaltimes.cn
China Development Bank will lend $580 million to Sri Lanka to help implement key infrastructure projects. The loan will bring CDB's total lending to Sri Lanka to more than $1.4 billion.
According to the document, $300 million of the loan will be spent on developing roads and $200 million on water supply projects, with the rest going to the national business school.
It said CDB had already extended $652 million for road development projects and $214 million for an irrigation project.
The loan announcement comes ahead of a four-day official visit to China by Sri Lankan President Mahinda Rajapaksa.
The $59 billion economy has increasingly relied on China for financing and technical expertise for reconstruction projects following the end of its long civil war in May 2009.
In March, China's Export-Import Bank agreed a $278.2 million loan to finance a rail track to a port Beijing is building in Sri Lanka's deep south of Hambantota.
China has loaned $1.5 billion for the port's construction and $209 million for a nearby airport.
China to lend $580 mln for Sri Lanka development projects | Reuters
Sri Lankan President to visit China next week
Sri Lankan President Mahinda Rajapaksa will pay a state visit to China from May 27 to 30.
Ranjith Uyangoda, the Sri Lankan ambassador to China, told the Global Times on Tuesday that the two countries are expected to sign agreements on political, economic, cultural and tourism sectors during the president's trip.
Rajapaksa will hold meetings with Chinese President Xi Jinping and Premier Li Keqiang during his stay in Beijing, and meet Vice President Li Yuanchao on the sidelines of a summit on environment in Xi'an, capital of Shaanxi Province.
Business leaders from the two countries will attend a forum in Beijing on May 28 to expand their relations, said the ambassador.
Sri Lanka's president to meet with Xi Jinping in Beijing at end of May - WORLD - Globaltimes.cn
