China extends financial aid to support Sri Lanka's development

Source: Xinhua| 2020-03-19 18:57:25|Editor: Yurou
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COLOMBO, March 19 (Xinhua) -- Sri Lanka signed an agreement with China on Wednesday to access a 500-million-U.S. dollar facility with concessional terms, according to a statement from the Chinese Embassy in Sri Lanka.

The signing of the agreement between Sri Lanka's Ministry of Finance and the China Development Bank (CDB) was witnessed by Sri Lankan Prime Minister Mahinda Rajapaksa, Charge d'affaires of the Chinese Embassy Hu Wei, and CDB Vice President Ma Xin.

Sri Lanka and China enjoy a long history of friendship and are true friends sharing weal and woe, Rajapaksa said at the signing ceremony, adding that the Sri Lankan government and people will always remember the support China has provided in Sri Lanka's socio-economic development.

The facility was urgently requested by the Sri Lankan government under current financial situation in the country and the background of fighting COVID-19 pandemic with all-out efforts.

Hu said the Chinese side will also keep in heart the firm support offered by Sri Lanka's leadership and the all walks of life in China's fight against the COVID-19 outbreak.

The inflow from the facility is set to be implemented by the end of March and is expected to help Sri Lanka shore up its foreign reserves to better manage the finance and fight COVID-19.

The Chinese Embassy said in a statement that the Chinese government, people and relevant financial institutes are committed to continuously providing necessary assistance to the Sri Lankan government and people within our capacities for the country's economic and social development.