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SL signs agreements for first two loans from Beijing-based AIIB

30 May 2019 11:12 pm - 5     - {{hitsCtrl.values.hits}}


Sri Lanka signed agreements with Beijing-based Asian Infrastructure Investment Bank (AIIB) to obtain US $ 200 million and US $80 million separately as two concessional loans, it is learnt.

This will be the first loan facility to be extended by AIIB as a multilateral donor agency based in Beijing, China.

According to the Sri Lankan Embassy in Beijing, Ambassador Dr. Karunasena Kodituwakku and AIIB Chief Investment Officer Dr. D.J. Pandian signed the agreement.

One loan is meant for the Reduction of Landslide Vulnerability and Mitigation Measures project. The total cost is US $ 110 million, and AIIB will finance US $ 80 million of it. The rest will be financed by the Sri Lankan Government.

The second loan was signed for the Colombo Urban Regeneration Project. That is to improve the housing condition of low-income communities and increase land use efficiency. AIIB will provide US $ 200 million as a loan. The government will bear US $ 82 million of the project cost, and a private partner US $ 5 million.

AIIB is a multilateral donor institution like the World Bank and the Asian Development Bank. (Kelum Bandara)

  Comments - 5

  • Ahmed Friday, 31 May 2019 03:13 AM

    so you're not going to do any business using this loan ? we are not beggers. do projects that will bring an income to our country. build infrastructures for business

    Andrew Silva Friday, 31 May 2019 06:17 AM

    For Gods sake don't go to other countries with a begging bowl and make generations to pay for your poor governance , they will curse you. There are so many steps to be taken to make our country prosperous and self sufficient.

    Sambo Friday, 31 May 2019 07:48 AM

    What about taking a loan for the purchase of bullet proof cars for all the ministers. Its a need of the day for you politicians.

    jaliya Friday, 31 May 2019 09:25 AM

    Since our GDP to debt ratio will not allow us to obtain any conventional loans, how much land did we secure as the payment guarantee to the Chinese? The national flag would be also revised as a result of large amounts of debt to China, sward on the lions hand is to be taken out and a chopstick would be placed instead. A cup of instant noodles in a local clay pot be placed under the lions mouth.

    Lord Wolfstein Friday, 31 May 2019 09:28 AM

    All payments from dictatorial led China are suspect. China never gives money without any ulterior motives.

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