China grants USD500mn concessionary loan to Sri Lanka

Mar 19, 2020 (LBO) – China Development Bank and Sri Lanka’s Ministry of Finance has signed a 500 million US dollar loan agreement amidst the COVID–19 pandemic.

Treasury Secretary SR Attygalle and Wang Wei, Deputy Director, China Development Bank yesterday signed the agreement in the presence of Prime Minister Mahinda Rajapaksa, Acting Ambassador of China Hu Wei and China Development Bank Deputy Governor Ma Xin.

The loan would be given to Sri Lanka with a maturity period of 10 years and a three-year grace period along with concessionary interest rates linked to 6 Month USD LIBOR, according to the Ministry of Finance.

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