Sri Lanka to get US$ 500m loan from China

October 11, 2020 at 11:09 AM

Sri Lanka will shortly sign an agreement to obtain a US$ 500m concessionary loan from China, The Sunday Times newspaper reported.

The arrangements were finalised during talks between Pirme Minister Mahinda Rajapaksa and the seven- member Chinese delegation led by Yang Jiechi, Politburo member of the Communist Party of China (CPC) Central Committee and Director of the Office of the Foreign Affairs Commission of the CPC Central Committee.

Treasury officials said that loan is due to be repaid during a 10-year period with no restriction on useage of the loan. Accordingly, the loan is most likely to be made use for the recovery of the economy which has been affected by the COVID situation as well. (Sunday Times)