A credit facility agreement of USD 500 million, with big concessional terms on both interest and tenure, was signed between the Finance Ministry and the China Development Bank (CDB) in order to boost the government efforts to fight back Coronavirus (COVID-19) pandemic.
The facility was urgently requested by the Sri Lankan government and supported by the Chinese side, under current financial situation in Sri Lanka and the background of fighting COVID-19 pandemic with all-out efforts, a statement from the Chinese embassy in Colombo said.
The Memorandum of Understanding (MoU) was signed at the Temple Trees, with the witness of Prime Minister Mahinda Rajapaksa, Chargé d'affaires of the Chinese Embassy Hu Wei, and Vice President of CDB Ma Xin yesterday. The loan comes with a maturity period of ten years, which is the longest tenure of financing facility for Sri Lanka. The interest cost is highly competitive and favorable and linked to 6 Month USD LIBOR with a grace period of three years.
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 coronavirus. “The Chinese government, people and relevant financial institutes are committed to continuously provide necessary assistance to the Sri Lankan government and people within our capacities for the latter’s economic and social development,” the statement said.
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On his second death anniversary, we pay our deepest respect and heartfelt tribute to General Lionel Balagalle, an illustrious son of Sri Lanka, a noble soldier, and an exemplary leader whose vision, dedication, and humility have left an indelible mark on the Sri Lanka Army and our nation.
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