Sri Lanka accepts $1 bln, 8-yr syndicated loan from China Dev Bank

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Sri Lanka has accepted China Development Bank’s $1 billion syndicated loan with eight-year tenure at 5.3 percent, two top finance ministry officials said on Friday.

The Chinese bank was chosen among four bidding for the loan, which the government plans to use toward repaying other loans, one top finance ministry told Reuters.

“All three others had three-year tenure and only China Development Bank had a bid for an eight-year tenure. The effective rate of return is around 5.3 percent,” the official said.

“It was a good offer. The loan has a three-year grace period. Then in the next five years, the government will be repaying $100 million biannually.”

Another top finance ministry official confirmed the deal.

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