Mar 22, 2019

China provides 989 mil loan for Central Expressway Project

A concessional loan agreement of US$989 million for Central Expressway Project - Section I, was signed today (March 22) by Mr. Cheng Xueyuan, Ambassador of China to Sri Lanka and Dr. R.H.S Samarathunga, Secretary to the Treasury.

The loan which covers 85% of the total contract price was signed by Mr. Xueyuan on behalf of the Export-Import (EXIM) Bank of China.

The Central Expressway Project (CEP) connecting Colombo with Kandy, will be part of the national highway network plan, and play an important role in promoting the Island’s economic and social development.

On the request of the Sri Lankan government and in view of the welfare of the Sri Lankan people, the Chinese side decided to provide the urgent-needed concessional fund assistance to the CEP-1 Project, after rounds of fair and professional negotiations.

China remains committed to enhancing friendship and cooperation between the two countries, and bringing more and more tangible benefits to the two peoples.