Sri Lanka in deal for US$580mn from China Development Bank

May 22, 2013 (LBO) – Sri Lanka has signed a deal with China Development Bank to borrow 580 million US dollars in 2013 for projects in 2013, the state information office said. The cabinet of ministers had approved a proposal by President Mahinda Rajapaksa as finance minister to sign a memorandum of understanding with CDB.

CDB and the Exim Bank of China have funded large infrastructure projects in Sri Lanka on power, roads and ports involving Chinese supplies and contractors.