Sri Lanka to receive Rs. 61.5 billion financial assistance from China Development Bank
The China Development Bank (CDB) is to provide RMB 2 million (approximately Rs. 61.5 billion) to Sri Lanka under a term facility agreement. The move is expected to boost depleting foreign reserves.
The relevant deal was signed by Sri Lanka’s Ambassador in Beijing Dr. Palitha Kohona and CDB Global Finance Director General of International Cooperation Department 2 Wang Wei.
“The facility will provide welcome relief and create more confidence in Sri Lanka’s economy,” Ambassador Kohona said in a statement.
In the statement, Kohona thanked the Chinese Government for extending the facility at a time when Sri Lanka was facing a severe economic challenge exacerbated by the Covid 19 pandemic.
The Ambassador also noted that China had been assisting Sri Lanka by providing the Covid-19 vaccine. So far Sri Lanka has received 12 million doses of Sinopharm vaccine on commercial terms and another 2.7 million doses as donation.
“Dr. Kohona said that the Sri Lankan people will always remember the assistance extended by China at this trying time,” the statement added.
The financial assistance secured by Sri Lanka from foreign countries is indicative of the growing potential of the country. Sri Lanka’s economy has shown great resilience to the challenges posed by the global Covid 19 pandemic. Several key economic sectors have shown positive growth despite the pandemic challenges. Sri Lanka is also working towards achieving the target of business hub in the South Asian region. The country’s ongoing development programme, the many trade agreements and concessions enjoyed have added to Sri Lanka’s attraction as a business/investment destination in the region.
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