$500mn from CDB for development efforts

Sri Lanka has signed an agreement with the China Development Bank for a financing facility of USD 500 million for development efforts in the country, the Finance Ministry said.

The CDB in 2018 extended a USD 1 billion syndicated loan of an eight-year tenure.

The Daily FT said this support would be upsized with the extension of USD 500 million with a 10-year tenure, and more attractive terms.

The amount is within the borrowing limit set out in the Vote on Account.