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China extends $500 million loan to Lanka
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This is the second instalment of the $1 billion loan sought by Colombo last year
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This is the second instalment of the $1 billion loan sought by Colombo last year
China on Monday signed a $500 million loan agreement with Sri Lanka, in a move that Colombo hopes would boost its foreign reserves that are under severe strain since the pandemic struck last year.
This is the second instalment of the $1 billion loan sought by Sri Lanka last year. The first was released in March 2020, just as the pandemic hit Sri Lanka. The approval comes a month after Sri Lanka obtained a currency swap facility from China for $1.5 billion. Meanwhile, the Beijing-based Asian Infrastructure Investment Bank (AIIB) also sanctioned Sri Lanka’s request for a $180 million loan in February. Sri Lanka already owes more than $ 5 billion to China from past loans.