Sri Lanka to get US1.5bn from China bank

Sun, 19 May 2013 20:42:27

23 Jun, 2011 11:42:42

June 23, 2011 (LBO) - China Development Bank Corporation has agreed to finance infrastructure projects in Sri Lanka amounting 1.5 billion US dollars over the next three years, minister Anura Yapa said.

"The financial assistance will be for bridges, roads, water supply, irrigation and power," minister Yapa told reporters.

He said the cabinet of ministers had approved signing of a memorandum of understanding between China Development Bank Corporation and Sri Lanka's finance ministry over the loans.

China's Exim Bank is already a major financier of Sri Lanka's infrastructure including a coal power plant.

China is becoming a key financier of Sri Lanka displacing traditional donors, Japan and the Asian Development Bank.

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READER COMMENT(S)

3. Thushara Jun 25

Financing through China is better than it is from Eroup that always trying to ... us.

2. karu Jun 24

Think otherway around.

1. Siripala Jun 23

While the Asian Development Bank is caught up in corruption and controversy, China cleverly raises its geopolitical profile in developing countries in Asia and Africa. I think we should be wondering what the Chinese are getting out of all this help. They are not stupid and they are not humanitarians.

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