Chinese funding worth US$ 410 mn for projects in Sri Lanka
Three framework agreements amounting to US$ 410 million were signed between Secretary to the Treasury P. N. Jayasundera and the Vice Minister of Commerce of China Chen Jian recently.
The Chinese government will provide concessional funding for several projects in Sri Lanka, including the second international airport at Mattala.
The framework agreements were signed on December 23 during a three-day official visit to China undertaken by the Secretary to the Treasury.
An annual granting agreement was also signed with the Commerce Ministry of China to the value of US$ 7 million during this visit.
Dr. Jayasundera used the opportunity to apprise Vice-Minister Chen Jian of the progress achieved by the GOSL in the fields of power, ports and highways as well as new construction and development initiatives, particularly in the Northern and Eastern regions. He briefed Chinese officials that it was the intention of the government of President Rajapaksa to speed up reconstruction efforts, especially the construction of roads and railroads, to link the North and South which would contribute to improving the living conditions and livelihoods of the people in those provinces.
The Vice-Minister of Commerce of China indicated further development assistance to improve the general living standards as well as to achieve a higher growth rate in Sri Lanka.
The Sri Lankan delegation also held discussions with the Finance Ministry of China and assessed the progress of ongoing projects with Chinese Contractors.
Sri Lanka's Ambassador to China and Finance Ministry and Embassy officials were associated at the meetings.
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