APD | China and Sri Lanka sign loan agreement for expressway project

By APD writer Easwaran

COLOMBO, March 22 (APD) - China and Sri Lanka on Friday signed a concessional loan agreement of US$ 989 million a key expressway project.

The loan agreement is for one section of the Central Expressway Project covering 85% of the total contract price.

The agreement was signed between the Ambassador of China to Sri Lanka Cheng Xueyuan, on behalf of the Export-Import (EXIM) Bank of China, and Dr. R.H.S Samarathunga, Secretary to the Treasure, Ministry of Finance, on behalf of the Sri Lankan Government.

The Central Expressway Project (CEP) connecting the capital Colombo and Kandy, will be part of the national highway network plan, and will play an important role in promoting the Island’s economic and social development.

On a request put forward by the Sri Lankan Government and in view of the welfare of the Sri Lankan people, China decided to provide the concessional fund assistance to the CEP-1 Project, after rounds of fair and professional negotiations, the Chinese Embassy in Colombo said.

China said that it remains committed to enhancing friendship and cooperation between the two countries, and bringing more and more tangible benefits to the two peoples.

(ASIA PACIFIC DAILY)