Bank of China offers US$300 million loan to Sri Lanka

Colombo (News1st): Reuters quoting a source in Colombo reported today (January 15) that the Bank of China, the country’s fourth-biggest lender by assets, has offered a loan of US$300 million to Sri Lanka which can be raised to $1 billion. The source said the government is considering the offer because of “difficulty in borrowing money after recent rating downgrades”. When News1st inquired, a senior official at the Ministry of Finance confirmed that the Colombo branch of the Bank of China had offered a loan of $300 million to Sri Lanka. He added that the cabinet approval has been granted to hold discussions in this regard with the relevant authorities.