China provides $760 million loan to Sri Lanka for Road Development

[Lankan Ranger]

China provides US$760 million loan to Sri Lanka for Road Development

Sri Lanka will borrow US$760 million from two state-banks in China to upgrade more than one thousand kilometres of roads in the island including key roads in former war-torn areas in the Northwest of the country, the government said.

The government will borrow 500 million dollars from China Development Bank Corporation to rehabilitate 1,174 kilometres of "priority roads" with 158 million US dollars to be drawn down this, the government's information office said.

The cabinet of ministers had also given to the nod to borrow 259.7 million US dollars from Export Import Bank of China to rebuild two roads in the north and a highway in the South of the island.

China's Exim Bank became the top lender to Sri Lanka this year in the first three quarters of the year. The Exim bank gives two types of credits, near commercial 'buyers credit' and more concessionary longer term 'special buyers credit.'

A par to of the exim bank credit will be used to rebuild 67 kilometres of the Navatkulo-Karaitivy Mannar road and the 113 kilometers of the Puttalam-Marichchikade-Mannar in the Northwest of the island.

The rest of the credit will be used to build 30 kilometres of Sri Lanka's Southern highway running from Colombo to Matara in the South and an access to the Port of Galle.

Sri Lanka to borrow USD760mn for roads from China - LANKA BUSINESS ONLINE

 

[Lankan Ranger]

China to set up US$15.23 million 10MW bio power plant in Sri Lanka

Mega Ten Bio Energy (Pvt) Limited yesterday signed a joint venture agreement with FUDEICO, for the largest direct Chinese private investment amounting to US$ 15.23 million, to establish a 10MW biomass power plant in Kumbukana, Moneragala.

Addressing a press briefing yesterday in Colombo, Chief Guest Power and Energy Minister Patali Champika Ranawaka said that the agreement will help 6,000 farmer families in the Moneragala District.

He says the Sri Lankan Government welcomes initiatives that are environmental friendly, in this context he praised the joint effort of both companies to set up a plant using renewable energy sources.

Ranawaka also said that the projects with the technical and environmental standards contributing an estimated power of 72 GWH per annum almost 5000 metric tons of diesel and reduce the emission of carbon dioxide by nearly 50,000 metric tons qualifying for Clean Development Mechanism.

He believes the distribution generation exporting to the national grid will make a significant contribution in reducing the transmission losses as well as improved quality of grid power in the locality.

Mega Ten Bioenergy (Pvt) Ltd. Chairman Jinawara Dharmawardana told The Island Financial Review yesterday that the total investment of the project is US$ 15.23 million, of which 70 per cent would be pumped by the Chinese firm and the balance 30 per cent would be borne by them.

"This is a project with a focus on poverty alleviation," added the Chairman.

He also said that the plant will be commissioned before the end of 2012.

Mega1 Bioenergy (Pvt) Ltd was established under the new company’s act of Sri Lanka on October 17, 2008 to develop the 10MW of renewable energy using Gliricidia biomass in Kumbukana, Moneragala District.

The project location was strategically selected due to the abundance of Gliricidia in home gardens that would provide additional income and alleviate rural poverty in this remote area of a 30km radius.

He says National Energy Policy that encourages private power generation through regulation by the Standardized Power Purchase Agreement applies to this project as a power plant operating on renewable resources with up to 10MW of power.

The Sustainable Energy Authority has already provisionally approved the Mega Ten Bio Energy Project as well as a 30km radius competition-free exclusive captive area of Gliricidia fuel wood.

Further to this, the project promoters, IMS Holdings (Pvt) Ltd. has negotiated 500 hectares of land to cultivate a dedicated Gliricidia plantation that could yield 17,500 metric tones of fuel wood per year.

The annual requirement of green Gliricidia fuel wood for a 10MW power plant is 160,000 MTS. The strategy is to organise an uninterrupted supply of fuel wood from the captive area as well as from the dedicated nucleus plantation, which will allow for continuous operation at an optimum cost.

The Island

 

[ajtr]

Its raining in US dollars for srilanka.Over $1 billions with in a week from three different countries.

 

[Hyde]

Its raining in US dollars for srilanka.Over $1 billions with in a week from three different countries.

You mean Pakistan, China & India? (or who is the third country)

didn't India gave 1 billion dollars credit to Sri Lanka couple of months ago?

 

[CardSharp]

You mean Pakistan, China & India? (or who is the third country)

didn't India gave 1 billion dollars credit to China couple of months ago?

 

[ajtr]

You mean Pakistan, China & India? (or who is the third country)

didn't India gave 1 billion dollars credit to China couple of months ago?

Ualready named 3 countries....with in this week lets see wat kind of money srilanka got from all
china($760million)+india($100 million)+Pakistan($200-300 million)=over $1 billion in last few weeks.

India Commits USD 100 million for Sri Lankan Navy Enhancements


Ps:where is that thread where zardari promised assistance to srilanka on his recent trip.

 

[Hyde]

I read couple of months ago. I think its a same news

India agrees $1 billion loan for Sri Lanka

 

[great]

You mean Pakistan, China & India? (or who is the third country)

didn't India gave 1 billion dollars credit to China couple of months ago?

I think CS was surprised by this!

 

[Hyde]

I think CS was surprised by this!

oops thanks for pointing out

sorry i am usually working while browsing PDF so I do have a lot of distraction

Yes I meant to say Sri Lanka

China don't need aid

 

[applesauce]

oops thanks for pointing out

sorry i am usually working while browsing PDF so I do have a lot of distraction

Yes I meant to say Sri Lanka

China don't need aid

what you talking about? of course we do, rich world wants to give, poor china will take.

 

[samv]

The rest of the credit will be used to build 30 kilometres of Sri Lanka's Southern highway running from Colombo to Matara in the South and an access to the Port of Galle.

Thanks China!

 

[J-20]

wow thanks for the HD video

 

[Skyline]

Old thread!

 

[samv]

Old thread!

Yes but the results are being seen now...

 

[jdme]

Nice. Better roads in SriLanka, more money for Indian businesses. Win win for everyone!