Print Edition - 2018-08-05  |  Money Digest

Sri Lanka secures $1b Chinese loan

COLOMBO

Aug 5, 2018-

Sri Lanka’s central bank on Friday announced it had secured a $1 billion Chinese loan as the island, a key link in Beijing’s ambitious Belt and Road initiative, develops closer relations with Asia’s largest economy. Central bank Governor Indrajit Coomaraswamy said that first half of the loan will be released later this month and the balance will be received in October. “During consultations (with the Chinese over the loan) it was clear that they see us as a key strategic partner as far as the (Belt and Road) initiative is concerned, given our location,” Coomaraswamy told reporters in Colombo. The eight-year loan by China Development Bank carries a 5.25 percent interest rate with a three year grace period. (AFP)

Published: 05-08-2018 08:38

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