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Sri Lanka in talks with China for US$1,000mn, RMB2000mn 10-year loans: Minister

ECONOMYNEXT – Sri Lanka’s cabinet has given the nod to negotiate 10-year US dollar and Renminbi denominated loans from China Development Bank, Information Minister Bandula Gunewardene has said.

One loan would be 1000 million US dollars and the other 2000 million yuan (about 288 million US dollars), he said.

The loans would have a three year grace period and 10-year repayment terms. It would be within the parliament approved debt limit.

The CDB, had also given Sri Lanka a 1.25 billion US dollar 8-year loan in 2018 for around 5.35 percent, beating bids from private investment banks.

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