China gives $410m to SL

Colombo, Dec. 25: China has entered into three framework agreements for providing concessional funding to Sri Lanka amounting to $410 million for infrastructure development, which includes an international airport.

The agreements were signed by the secretary to the Sri Lankan treasury, Mr P.B. Jayasundera, and the Chinese vice minister of commerce, Mr Chen Jian, during the former’s three-day official visit to China, a Sri Lankan foreign ministry statement said here.

Under this agreement, the Chinese government will provide concessional funding for various projects including the country’s second international airport at Mattala in the south-east. An annual grant agreement was also signed with the commerce ministry of China to the value of $7 million.

“Mr Jayasundera used the opportunity to apprise vice minister Chen Jian of the progress achieved by the Government of Sri Lanka in the fields of power, ports and highway,” the statement said.

The secretary to the Sri Lankan treasury also briefed about new construction and development initiatives undertaken by the government.