Sri Lanka’s Central Bank Governor says country will receive first tranche of Chinese loan by end of August

Sri Lanka’s Central Bank Governor says country will receive first tranche of Chinese loan by end of August

Governor of the Central Bank of Sri Lanka, Indrajit Commaraswamy has reportedly said that the country will get the first US$ 500 million tranche of a one billion US dollar syndicated loan from China, which was mandated earlier in the year, at the end of August.
The Governor has said that the second US$ 500 million dollar tranche is expected to be disbursed in October.
Deputy Governor of the Central Bank, C. P. J. Siriwardene has been quoted as saying in the media that the loan had come at 5.25 percent.
The loan from the China Development Bank has an eight year payback and three year grace period.
According to reports, the China Development Bank has beaten all offers from international banks.

OSL take:

The receipt of the first tranche of the Chinese loan this month will give a further boost to the country’s economy. The large number of offer received by Sri Lanka to organize the syndicated loan is indicative of the level of confidence the international community has on the island nation’s economy. This is a positive sign for foreign businesses interested in doing business in Sri Lanka.

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Article Code : VBS/AT/08082018/Z_3

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