Higher Education Minister Bandula Gunawardane said Sri Lanka would receive another US$ 700 million in May as a concessionary loan from China Development Bank .
The Minister who is also the Cabinet spokesman told Daily Mirror this would be in addition to US $ 500 million announced recently.
He said the country would receive US $ 1.2 billion in this manner for various needs.
“We can use it for infrastructure development, budgetary support and debt servicing ,” he said.
He said there would be a three - year grace period for the repayment of this loan .(Kelum Bandara)