China approves USD 1 billion for phase I of Central Expressway

China has approved USD 1 billion for phase I of the Central Expressway project, the Prime Minister’s office said today.

Instructions have been given to the Chinese EXIM bank to process the loan.

“The Chinese Ambassador to Sri Lanka Cheng Xueyuan met Prime Minister Ranil Wickeremesinghe today to break the good news of the Chinese Government approving USD 1 billion for the phase I of the Central Expressway construction. The Ambassador requested the Sri Lankan side to expedite administrative and legal formalities,” the Prime Minister’s office said.

The Chinese Ambassador also discussed the Hambantota port project and Colombo Port City project.

With regards to the Hambantota Port, the Chinese Ambassador mentioned that they encourage investors to set up factories for producing high end products.

The Ambassador said once launched, the two projects will become the engine of growth for Sri Lanka.

The Chinese Ambassador also requested Sri Lanka to expedite the negotiations for signing of the Chinese free trade agreement.

The progress of Chinese funded water projects were also discussed.

The last tranche for the payment of the Hambantota port which is being jointly managed by China and Sri Lanka, is due on 9th June which will enhance the foreign reserves of the country, the Prime Minister’s office said. (Colombo Gazette)