The China Development Bank and Sri Lankan Government on Tuesday entered into an agreement with the former providing a RMB 2 billion (approx Rs. 61.5 billion) Term Financing Facility, Finance Ministry sources said.
The agreement was signed upon a request from Sri Lanka to support its COVID-19 response, economic revival, financial stability and livelihood betterment.
This is part of the Foreign Currency Term Financing Facility (FTFF) 2020 signed on March 18, 2020 where the terms of this facility remains at 10 years with a grace period of 3 years.
This was an improvement over the foreign currency term financing facility drawn in 2018 from the China Development Bank, officials said.
The financial cost of borrowing when compared to the current market conditions is competitive with the interest rate as its margins will be over 6 months LIBOR. (BS)
Former Chairman of SriLankan Airlines, Nishantha Wickramasinghe, arrested on allegation of corruption by the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) has been remanded until July 1 by the Colombo Magistrate court.
Deputy Minister of Finance and Economic Stabilization and NPP National List MP Harshana Suriyapperuma who is tipped to be named the next Finance Ministry Secretary resigned from Parliament today.
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