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Wednesday May 12th, 2021
Economy

Sri Lanka signs US$500mn loan with China Development Bank

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)

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