US$1.5 billion Chinese loan for Sri Lanka projects

[Lankan Ranger]

US$1.5 billion Chinese loan for Sri Lanka projects

A top-level delegation to China led by Sri Lankan Treasury Secretary P.B. Jayasundera last month secured a loan facility worth US$1.5 billion from a Beijing state bank to finance local projects and also explored the possibilities of more assistance for infrastructure and other development projects from China.

The two projects to be part-financed with the loan are the Sapugaskanda oil refinery refurbishment and Moragahakanda development project. The Chinese bank has already studied the feasibility report on the proposed refinery expansion from 50,000 barrels per day to 100,000 barrels.

While the oil refinery, which needs US$2 billion for a complete overhaul, will get US$1.25 billion, Moragahakanda will receive the balance US$252 million from the Chinese loan.

The sources said the Sri Lankan side also sought the support of Chinese state agencies to tackle the country's balance of trade issues, exploring the possibility of increasing exports to China.

US$1.5 bln Chinese loan for Sri L anka projects

 

[Skyline]

So China won! I think there is some misunderstanding between India & Sri Lanka at this moment, that's why GoSL has refused the Indian offer and gave the project to China.

Sri Lanka rejects Indian offer to upgrade refinery - World News - IBNLive

I got information about new railway projects, they are about to give to China too.

 

[kawaraj]

that's huge money and good plan. I wonder what the Pakistani officials are busying at.

I got information about new railway projects, they are about to give to China too.

railway? I doubt your country need that. highway is good enough. Railway only suits for long distance, I mean economically.

 

[Skyline]

railway? I doubt your country need that. highway is good enough. Railway only suits for long distance, I mean economically.

Well, we already have a good railway network but we seriously need to upgrade these tracks with better standard trains and stations.

---
China to fund Matara-Kataragama Railway project

 

[itaskol]

I wonder what the Pakistani officials are busying at.

what is pakistani officials related to this news?

 

[Boobytrap]

what an irony.. someone is fretting over getting a $1bn loan of which $200mn will be written off and on the other hand some minnows celebrating a $1.5bn of debt

Interesting people in the sub-continent

 

[harpoon]

Whats the interest rate on Chinese Loan?

t
railway? I doubt your country need that. highway is good enough. Railway only suits for long distance, I mean economically.

No land transport beats railway in cost effectiveness. I don't understand why Pakistan let their railways die in favor of highways.

 

[kawaraj]

Whats the interest rate on Chinese Loan?

No land transport beats railway in cost effectiveness. I don't understand why Pakistan let their railways die in favor of highways.

nope, we just favor highways for now and will never give up railway.

you can wait for good news of Islamabad-Karachi high speed rail-link soon.