China assures assistance for development efforts

The Chinese Government through its funding arm the Exim Bank, concluded with Sri Lanka a Concessional Funding arrangement to construct the island's second airport in Mattala at a cost of US $ 190 million while also pledging Concessional financing of US $ 100 million to augment the capacity of the Sri Lankan railway.

Two Concessional Loan agreements were signed during a three day visit by Dr P.B. Jayasundera, Secretary to the Ministry of Finance of Sri Lanka and a delegation from the External Resources Department and Attorney General's Department to Beijing from March 3 to 5.

The Secretary to the Ministry of Finance had very productive discussions with the Exim Bank officers in fast-tracking many infrastructure development projects being evaluated by the Bank for future funding, particularly in the Northern and the Eastern Provinces of Sri Lanka. Emphasis was laid on speeding up the evaluation process for the construction of the A9 highway.

During his discussions with the Vice President of the Exim Bank Zhu Hong Jie, Secretary Finance elaborated that with the resounding electoral victory of President Mahinda Rajapaksa, the Government's development focus and the strategic plan set in place would progress unhindered.

He explained that a vital ingredient for the realisation of this development plan was the need to fulfil the infrastructure requirement and appreciated China for assisting Sri Lanka at a very crucial stage of her socio-economic development shouldering a major portfolio of the financial requirements.