Sri Lanka PM meets Xi; China to invest 780bn yuan on OBOR

ECONOMYNEXT – Sri Lanka’s Prime Minister Ranil Wickremasinghe has met Chinese President Xi Jinping at a conference on the One Belt One Road initiative where China is building facilities along an ancient land and sea silk routes.

A statement from the Prime Minister’s Office said Xi had said China is pledging 780 billion yen (113 billion US dollars) for the OBOR projects and Chinese firms investing along it.

China is setting up a fund of 100 billion yuan for the silk route and Chinese firms investing along the OBOR would get 300 billion yuan.

To build infrastructure and energy, China Development Bank and Exim Bank of China had also committed 380 billion yuan, the statement said.

Sri Lanka is trying to sell Hambantota Port, which was designed and built by a Chinese firm. It was built with 1.3 billion US dollars borrowed from China by the Sri Lanka government.

However media reports said the deal is not expected to be concluded during this visit. (Colombo/May14/2017)

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