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Govt. to obtain US$1 bn loan from AIIB

20 July 2016 06:12 am - 8     - {{hitsCtrl.values.hits}}


The government is to obtain US$1 billion from the China-led Asian Infrastructure Investment Bank (AIIB) for various projects, Finance Minister Ravi Karunayake said yesterday.

The AIIB was founded as a counter to the World Bank. During the previous regime, Sri Lanka also became a founding member of this new bank which is expected to lend US$10 billion to US$15 billion a year for the first five or six years. The new government enacted legislation in Parliament ratifying Sri Lanka’s membership in the bank, which is expected to begin operations this year.

The Finance Minister who attended the Bank's Annual General Meeting in Beijing said the Government would obtain project loans amounting to US$1 billion from the AIIB. (Kelum Bandara)

  Comments - 8

  • Sathees Wednesday, 20 July 2016 01:35 PM

    Can't we stop borrowing and start paying back the debt?

    kk Wednesday, 20 July 2016 07:15 AM

    difficult to settle for next government via DM Android App

    JANA Wednesday, 20 July 2016 09:07 AM

    what is the interest rate ????

    Lakshman De Silva Wednesday, 20 July 2016 09:14 AM

    Well, at least 10 percent will go to politicians and these tender sharks. Sri Lanka is well accredited to a corrupt country in State tenders

    Jude Wednesday, 20 July 2016 10:07 AM

    Yeah, Mortgaging SL for next 75-100 years the process continues by Yahapalanya Govt too!!???

    mr bean Wednesday, 20 July 2016 10:17 AM

    Aiyoo.. SL government has no hope without China.. where is the so called democratic west?

    Malka Wednesday, 20 July 2016 11:03 AM

    SL's present international affairs allow it to get at lesser rates

    Roman Wednesday, 20 July 2016 11:29 AM

    Speaking of Banks.. what happend to the the BOC branch in seychelles??? any idea?

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