Another US$140 Mn loan from China

18 June 2020 02:48 am - 10 - {{hitsCtrl.values.hits}}

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The China Development Bank (CDB) will deliver another concessionary loan of US$140 million -- US$70 million before the end of this month and the remainder by the end of the year -- to tide over the present financial problems, a spokesman from the Chinese embassy said yesterday.

Acting Chinese Ambassador Hu Wei called on Prime Minister Mahinda Rajapaksa yesterday to discuss bilateral cooperation as a follow up to the telephone conversation between Sri Lankan President Gotabaya Rajapaksa and Chinese President Xi Jinping on May 13.

The spokesman told Daily Mirror that the discussion centred on fighting COVID-19 jointly and enhancing financial, trade and investment cooperation.

The CDB announced US$500 million loan two months ago. He said the latest loan would be at a concessionary rate for the government to carry out its debt restructuring plan.

Besides, he said the proposed investments in Hambantota and the Colombo International Financial City (Port City) were also discussed.

“There will be a vehicle tyre manufacturing plant in Hambantota with a US$500 million investment from China,” he said.

The Chinese Embassy delegation also briefed the Prime Minister about the latest outbreak of COVID-19 cases in Beijing. The two sides discussed the need to be cautious because of the danger of the virus spread. (Kelum Bandara)

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Comments - 10

Denzil Thursday, 18 June 2020 06:33 AM

Congratulations to the Chinese Army.

Siri Thursday, 18 June 2020 06:56 AM

Shouting at CB officers and begging for Chinese does not make sense. At end of the day, CB has to protect the financial system, it is fair to say that they could be conservative. Then you will show-off by shouting at them.

Buddhist Thursday, 18 June 2020 07:01 AM

What rate of Interest? 6%? Why not sell Sri Lanka to the Chinese and lets be a colony with Rajapakse being the Chief Executive like in Hong Kong.

Debtor Thursday, 18 June 2020 07:39 AM

Loans, loans and loans! Who is getting these loans?

BigEars Thursday, 18 June 2020 07:44 AM

Jayawewa! The game has begun. No relief from the west or India. What is the interest rate?

Perere Perera Thursday, 18 June 2020 08:16 AM

Wow how great our country has become with a begging bowl.

Shanko Thursday, 18 June 2020 02:03 PM

Build a New Port in Kandy for Container Handling.

Ranji Cooray Thursday, 18 June 2020 06:00 PM

Chinese always 'lend' money via their commercial banks at very high interest rates.If sri lankan government fails to pay back they can take over our lands and the chinese government can say 'its not us ,you borrowed from a bank' etc.Japanese government just gave a 1260 million loan with very low interest rate and straight from their government.Can you see the difference between how true friends with our best interests at their hearts act and the way chinese act.

Sampth A Thursday, 18 June 2020 09:04 PM

Keep our mother land for our children.

Antony Jude Thursday, 18 June 2020 10:26 PM

This is how Rajapakshe Regime put Srilanka on trouble previously. They borrowed more loan from China at higher interest rates. It seems they have started their second innings to increase Srilanka's debt burden.

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Another US$140 Mn loan from China

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