Executive Chairman of the National Association of One Belt One Road comments on a project to provide US$ 1bn loan to Sri Lanka

Executive Chairman of the National Association of One Belt One Road comments on a project to provide US$ 1bn loan to Sri Lanka

Executive Chairman of the National Association of One Belt One Road comments on a project to provide US$ 1bn loan to Sri Lanka

Written by Staff Writer

03 Jan, 2020 | 10:17 pm

Colombo (News 1st): News 1st spoke to Executive Chairman of National Association of One Belt One Road Dr Xiangbin Wang about the organization’s commitment towards the improvement of infrastructure in Sri Lanka.

Dr. Xiangbin Wang: The delegation coming to Sri Lanka tomorrow consists of many entrepreneurs from China and they major in industrial manufactoring and real estate and smart architecture etc.

Question: We were also told in the initial discussion that we had that you are giving us a big sum of money to Sri Lanka for 3 years on a loan basis, can you explain that?

Dr. Xiangbin Wang: This project is personally carried out by myself and has worked with a Singapore company to provide around US$ 1 billion loan to the Sri Lankan government. One of the features of this loan is that this is interest-free. The second feature of it is that the repayment of this loan is around 5-10 years. So this loan can only be used for the Sri Lanka government to improve its infrastructure.

Question: Is this loan a one-time payment that you are giving, is it US$ 1 billion one time or is it broken down into years or are you giving it in instalments

Dr. Xiangbin Wang: We will give loans year by year and each year the number will be more than US$ 1 billion and we can give the loan for three continuous years. If we can achieve a strategic partnership with the Sri Lankan government, this three year US$ 1 billion per year project can be achieved.

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