The Government of Sri Lanka has signed a loan agreement of USD 500 million with the China Development Bank (CDB).
The Ministry of Finance stated that the relevant funds will be disbursed within this week.
Ambassador Dr. Palitha Kohona, on behalf of the government of Sri Lanka, signed the loan agreement with the China Development Bank at the Sri Lankan Embassy in Beijing on Monday (12).
“This loan will infuse vitally required foreign exchange into the Sri Lanka economy. These funds will help with Government efforts to facilitate rapid economic recovery following the setbacks caused by the Covid-19 pandemic,” the embassy said.
After the signature ceremony, Dr. Kohona stated that the timely assistance from China in providing these funds will help fuel Sri Lanka’s recovery efforts and stimulate growth.
Dr. Kohona further opined that this USD 500 million loan will encourage investor confidence in Sri Lanka and strengthen the currency.
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