BOC and China Development Bank enter into $140m facility agreement
View(s):Sri Lanka’s largest bank, the Bank of Ceylon (BOC) and China Development Bank (CDB) this week entered into a US$140 million long-term facility which will be disbursed in two tranches of $70 million each.
Due to the COVID-19 pandemic, the signing ceremony was held through an online video conference. The ceremony was witnessed by Economic and Commercial Counsellor of the Chinese Embassay Yang Zuoyuan, BOC Chairman Kanchana Ratwatte, BOC General Manager D.P.K. Gunasekera, Ex- Officio Director of BOC R.M.P. Rathnayaka and CDB Guangxi Branch General Manager Mei Shiwen, the BOC said in a media release.
It said the signing of this facility agreement will be a milestone for a more comprehensive and enhanced cooperation between the two banks, which will also promote the cooperation between financial institutions of Sri Lanka and China under the Belt and Road Initiative. The facility will be utilised for supplementing BOC’s general lending requirements, which will provide much needed support during Sri Lanka’s fight against COVID-19.