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

ComBank MD S. Renganathan (Centre) introducing the app to CB Governor Indrajit Coomaraswamy in the presence of (from L) ComBank Manager - Card Centre Seevali Wickramasinghe, Head of Card Centre Thusitha Suraweera, Deputy GM – Marketing Hasrath Munasinghe, CB Assistant Governor Ananda Jayalath and CB Director - Payments & Settlements Dharmasri Kumaratunge

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.