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Sri Lanka loan from China development bank close to materializing

ECONOMYNEXT – A loan from China Development Bank for 700 million dollar equivalent is ‘close to materializing’ a top official said, soon after the country’s central bank approved a 1.5 billion US dollar swap.

“The CDB loan is very close materializing,” Treasury Secretary S R Attygalle said. “And certain other banks are also talking to us.”

Attygalle said negotiations take time, but the CDB was working fast now. Earlier in March information was requested on a Sunday.

Sri Lanka had been responding to queries and providing the required information to take the loan forward, he said.

“So it is moving,” he said.

Last week Sri Lanka said the People’s Bank of China had approved a 10 billion yuan swap (1.5 billion US dollars) with the central bank.

The 700 million dollar CDB loan would come in a 500 million dollar credit and the balance would be Renminbi denominated. (Colombo/Mar16/2021)

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