More loans from China : US$ 1 billion for central expressway

by Staff Writer 17-03-2019 | 6:57 PM
COLOMBO (News 1st) - Sri Lanka has obtained a US$ One billion (Rs. 178 billion) loan from China Exim Bank for the construction of the first stage of the Central Expressway project. The Sunday Times newspaper reported that the delay in completing negotiations for the loan is estimated to cost additional Rs. 12bn, which includes escalation of the cost of building materials and currency fluctuations. The approval for the signing of the Memorandum of Understanding (MoU) between the China Exim Bank and the Sri Lankan government was carried out last week following the Treasury’s External Resources Department officials discussions in China. However, Minister of Finance Mangala Samaraweera noted that negotiations are underway.