Sri Lanka gets another Chinese loan


chinesedefenceministerThe Sri Lankan government has obtained yet another massive loan from the Chinese amounting to US$ 400 million (Rs. 52 billion).

The monies have been borrowed to develop ‘B’ grade roads and rural roads in the country. Officials from the Road Development Authority (RDA) say the loan was provided by the China Development Bank and the Ministry of Finance would be in charge of allocating the required funds for the projects. The loan monies according to the RDA would be used to develop the rural road network and to connect it to the main road network. China has already given Sri Lanka over US$ 2.2 billion recently in loans for various infrastructure projects.