Sri Lanka President promised more funding by China Exim Bank

May 28, 2013 (LBO) – Sri Lanka’s President Mahinda Rajapaksa had been promised more funding by head of the Export Import of Bank of China, Li Ruogu during talks in Beijing, his office in Colombo said. President Rajapaksa is on a four day visit to Beijing. The Exim Bank chief will extend support for road development, the construction of highways and water supply projects, the president media office said.

The bank had so far financed 37 projects including the Mattala Rajapaksa International Airport, Magampura Mahinda Rajapaksa Port and a 1.2 billion US dollar coal power plant complex over the past seven years.

China Development Bank and Exim Bank has emerged as the top lender to state projects in the past few years, rapidly overhauling traditional lenders like Japan and the World Bank, as the country starts to rebuild infrastructure with the end of a 30-year war.

In 2012 alone the Exim Bank of China had disbursed 615 million US dollars of funds committed earlier.