China agrees to concessional loan to support CEP-1
China has signed a concessional loan agreement of 989 million US$, covering 85% of the total contract price of the Central Expressway Project- Section 1.
The agreement was signed today (22) between the Secretary to the Treasury, Ministry of Finance, Dr. R. H. S. Samarathunga and the Ambassador of China to Sri Lanka, Cheng Xueyuan on behalf of the Export-Import Bank of China.
Previous to this agreement, China had mad several requests and set several standards that had to be met by the Sri Lankan parties involved in the construction of this section of the Central Expressway.
After several discussions and negotiations, the Chinese Embassy and the Sri Lankan Government came into an agreement and the Concessional loan was signed.
China has said it remains committed to enhancing friendships and co-operation between the two states, and bringing more and more tangible benefits to the two peoples.