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Govt seeks loans from China

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12 March 2016 07:35 am - 20     - {{hitsCtrl.values.hits}}

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The Government has sought new loans from China to carry out various projects and proposes to set up a joint venture with that country to develop the Mattala International Airport, a minister said yesterday.

International Trade and Strategic Development Minister Malik Samarawickrama who visited China recently said he had met key officials of the China Development Bank and the Export and Import Bank of China in Beijing.

He said the talks were fruitful and cordial that the Government had sought financial co-operation to implement several the projects in the pipeline.

“They are prepared to support us,” the minister said.

When asked whether any fresh loan arrangement was sought, he said, "We have outlined the projects and have requested China's support on funding."

However, the minister said nothing had been finalized yet and they had a priority list in this regard.

The minister said a company called ‘China Merchants’ hoped to invest in the proposed Hambantota Economic Zone and that joint ventures had been proposed between the two sides to develop the Hambantota Port and the Mattala Airport.

He said the Chinese side was expected to submit their proposals for development of the airport with Chinese investors haivng a say in its operation.

Commenting on the Port City Project, the minister said it had been agreed to proceed with the original agreement to reclaim 233 hectares of land from the sea amid the Environmental Impact Assessment (EIA) report suggesting that as much as 269 hectares could be reclaimed.

“The original agreement was to reclaim 233 hectares. The EIA says we have got approval up 269 hectares. We will proceed on the basis of 233 hectares. Then, we will look into the design and feasibility for changes to be done,” he said. (KB)

 


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  Comments - 20

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  • Lal Saturday, 12 March 2016 03:06 PM

    The current govt will always do feasibility studies and China will have to give lower interest rates than Western competitors

    potr Sunday, 13 March 2016 10:37 AM

    The Korean EXIM bank also opened an office in SL, Japan increased aid not just US or spain

    .K.Senaratne Sunday, 13 March 2016 06:51 AM

    SL is getting increased ADB loans this year. Japan and US are their biggest shareholdets

    Kor Sunday, 13 March 2016 06:46 AM

    How is keeping a elephant illegally protextinguisher?

    K.Senaratne Saturday, 12 March 2016 09:26 PM

    Sapu MCC is giving 100 million and USAID 35 million USD as aid

    Lanka Saturday, 12 March 2016 08:25 PM

    Should have known better......we are back to square one!

    Aruna Saturday, 12 March 2016 03:14 PM

    Just wait Nana, EU investors coming soon in a Volksvagan car

    Sapu Saturday, 12 March 2016 03:08 PM

    US only approved SL for MCC aid last year. We will get 100 million this year and eventually 900million

    Sapu Saturday, 12 March 2016 03:07 PM

    Spanish bank is funding flyovers in Colombo , US MCC giving millions of aid as well

    Sapu Saturday, 12 March 2016 03:06 PM

    They preached about low interest loans and feasible projects. Not stopping development

    Sharon Saturday, 12 March 2016 06:48 AM

    Oh no. Dont sell the country to China. Do differently than MR. This was what you preached before Elections. via DM iOS App

    Sapu Saturday, 12 March 2016 02:22 PM

    Current govt is getting aid and loans from everyone like those flyovers being funded by Spain

    Gamini Saturday, 12 March 2016 01:56 PM

    This regime has no clearcut policy, Monk protectig elephants are in jail while elephants are getting killed in jungles. We clearly see now SL is without a leader.

    kor Saturday, 12 March 2016 01:23 PM

    They criticize the high interest rates taken for white elephants. Look at some interviews before election

    Top Cat Saturday, 12 March 2016 10:10 AM

    As per the UNP talk (I do not want to call it a policy) this will not heap the loan burden on the Sri Lankans. Magic!

    patriot Saturday, 12 March 2016 10:05 AM

    Where are the super brains Harsha De silva and Eran Wickramaratne?

    Prometheous Saturday, 12 March 2016 09:48 AM

    Haha! How are the yahapalanaya egos feeling now? Where is that Managala Samaraweera who constantly bad-mouthed China?

    Reader Saturday, 12 March 2016 09:48 AM

    `China Merchants` is not unknown but China Merchants Holdings International is listed company in Hong Kong who owns CICT in Colombo South Harbour. They are performing very well. Government should not go into more loans to worsen debt crisis unless those new projects generate more than adequate revenue to repay loans unlike past regime experience.

    Nana Saturday, 12 March 2016 09:24 AM

    What happened to the so called European investors and support?Yahapalana people were criticized Former regime for taking loans and depend on China. But now what is happening with all these economic experts?While Malik is asking Chinese loans, Dr. Harsha is inviting , Vietnamese investors...Jokers of the year....

    Missaka Saturday, 12 March 2016 09:10 AM

    After failed to obtain loans, or aids from US/EU counterparts, new regime, now gone back to the ridiculed China. It shows MR regime was far ahead of new regime.


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