Sri Lanka and China Development Bank sign $ 500 m funding deal

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Sri Lanka today signed a new $ 500 million funding deal with China Development Bank (CDB), the Finance Ministry said.

CDB in 2018 extended a $ 1 billion syndicated loan of an eight-year tenure. It has now upsized this support with a fresh extension of $ 500 million with a 10-year tenure and more attractive terms.

The Daily FT reported that the fresh Chinese funding will significantly help the Government in managing its debt refinancing.

Sri Lanka has to repay a total of $ 4.8 billion this year, with the next large payment of $ 1 billion due in September.

After the conclusion of the 25 April General Elections, via a proper 2020 Budget, the Government is expected to articulate its borrowing and debt servicing program for rest of the year as well as for 2021. (Colombo Gazette)

1 COMMENT

  1. You will continue to live on others’ mercy as long as you don’t have the knowledge, courage and empathy to speak about the Australian Aboriginal people’s struggles in their own land and my hardships as a writer in Australia. Politically, Tamils will continue to go backward and foreign debt will continue haunt Sinhalease.

    I have visited Sri Lanka more than five times since the Australian Government deleted my citizenship and brought me to the street due to my writings. But nobody has acknowledged or sympathised my hardships and struggles as a writer. This clearly shows you live to please the West and you will continue to live on the mercy of others.

    Here is an introduction from a Sinhalease lady who wants to get to know me to get married, but she has no concerns about the Australian Aboriginal people’s struggles or my hardships as a writer. She is living a life to please the West. Who should I blame for her ignorance? Herself or her university lecturers or her political leaders or the media?

    “I completed my BA in International Relations affiliated to the department of International Relations, University of Colombo. Recently I completed MA in Sociology, University of Kelaniya. Now I m waiting to start my Mphil. Now I m working as a project coordinator at Centre for the Study of Human Rights, Faculty of Law.”

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