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Sri Lanka in talks with China-backed AIIB for loans of billion dollars

Jun 19, 2019 07:27 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Sri Lanka is in talks with China-backed Asian Infrastructure Development Bank for up to a billion US dollars, Finance Minister Mangala Samaraweera said.

He said the AIIB had already agreed to give 280 million US dollars for Colombo Urban Development and a project for landslide protection.

"We are in talks with AIIB for close to a billion US dollars in funds for power sector and highways development," Samaraweera said in prepared remarks at parliament.

Last year Sri Lanka said there had been an offer of 300 million US dollars from Bank of China, but officials said talks had been since dropped.

He said confidence in Sri Lanka was rising after a coup triggered in October and the economy was getting back on track.

Samaraweera said the International Monetary Fund had approved 164 million US dollars in May, the US Millennium Challenge Corporation had approved 480 million US dollars.

Last week the Asian Development Bank had approved 50 million US dollars for micro loans.

Sri Lanka's economic growth would be about 3.5 percent in the first quarter of 2019, up from 1.8 percent in the last quarter of 2018 he said. The International Monetary Fund has urged Sri Lanka not to impose import controls for 'balance of payments' purposes. (Colombo/Jun19/2019)
 


 

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