Sri Lanka has received $7.2bn from Chinese Exim Bank in 17 years

COLOMBO (News 1st) - The Department of External Resources says the EXIM Bank of China has provided approximately USD 7.2 billion in commitments as at December 2017 since 2001. The performance report for 2017 of the Department of External Resources says the Exim Bank is the only Chinese financial institution which provides concessional financing in ways of two preferential facilities. The report details the total number of loans obtained from China. USD 1,907 million has been taken under the Chinese Government Concessional Loan Facility while a further USD 3,677 million has been taken under the Preferential Buyer’s Credit Facility. In addition, USD 1,634 million has been obtained under the Buyers Credit Facility has obtained from the EXIM Bank of China. According to the report the loans were to be used for a number of significant large-scale projects such as Puttalam Coal Power Project, Hambantota Port Development Project, Outer Circular Highway Project – Phase III, Extension of Southern Expressway (Matara to Hambantota) Project and Colombo Lotus Tower Project.