ECONOMYNEXT – Sri Lanka has inked the agreement to get a 500 million US dollar loan from China Development Bank, Treasury Secretary S R Attygalle said.
The 500 million dollars would be disbursed in April itself.
The loan will have a repayment period of 10 years.
A previous 500 million dollar loan from CDB was for 8 years.
The loans would be on competitive terms, Attygalle said.
The loans comes as Sri Lanka’s forex reserves dropped to 4.05 billion dollars in March 2020, the lowest since a currency crisis in 2008/2009.
The April tranche is the second 500 million dollars of a 1.2 billion dollar facility Sri Lanka has been seeking from CDB.
A 200 million dollar equivalent Renminbi facility is also expected. (Colombo/Apr12/2021)