Colombo set to receive more concessional loans from China

[TamilNet, Sunday, 22 March 2020, 22:05 GMT]
SL Cabinet Spokesman and Minister in Colombo’s Rajapaksa regime has told Daily Mirror that China Development Bank (CDB) would be extending an additional USD 700 million as a concessionary loan in addition to USD 500 million loans received last week. The credit is expected in May, the news report said. “We can use it for infrastructure development, budgetary support and debt servicing,” the Daily Mirror quoted the SL Minister as saying.

A press statement issued by the Chinese Embassy in Colombo on 19 March stated that the SL Government had urgently requested financial assistance “under current financial situation in Sri Lanka and the background of fighting COVID-19 pandemic with all-out efforts.”

The statement was issued a day after a CDB team visited Colombo to sign a facility agreement of USD 500 million on 18 March at the Temple Trees.

Gunawardene holds two ministerial portfolios in the Rajapaksa cabinet. He is the SL Minister of Information & Mass Media as well as of Higher Education, Technology & Innovation.

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