- Last Update 2024-07-17 16:41:00
Sri Lanka inks $500 mln loan deal with CDB
Sri Lanka and the China Development Bank (CDB) have signed an agreement for a financing facility of US$ 500 million for debt servicing and development activities, the Finance Ministry announced on Wednesday.
The agreement was signed by Treasury Secretary S.R. Attygalle in the presence of Prime Minister Mahinda Rajapaksa, Chargé D’affaires of the Chinese Embassy Hu Wei, and Vice President of CDB Ma Xin.
“The inflow of the funding is set to be implemented by the end of March, and expected to increase the official foreign reserves of Sri Lanka to better manage the finance and fight corona virus,” the statement issued by the ministry said.
The CDB in 2018 extended a $1 billion syndicated loan of eight-year tenure. It has now upsized this support with a fresh extension of $500 million with 10-year tenure and more attractive terms.
The fresh Chinese financial facility will significantly help the Government in managing its debt refinancing. Sri Lanka has to repay a total of $4.8 billion this year, with the next large payment of $1 billion due in September. (BS)
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