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| Sunday, 10 July 2005 |
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Lankan delegation discusses economic and financial cooperation with China Dr. P. B. Jayasundera, Secretary, Ministry of Finance and Planning, accompanied by R. A. Jayatissa, Asst. Governor, Central Bank, Mrs. Sujatha Cooray, Director General/External Resources and Ms. R. Nanayakkara, Additional DG/External Resources visited Beijing from June 25 to 29 on the invitation of the Export and Import Bank of China. Joined by Nihal Rodrigo, Sri Lankan Ambassador in China and Embassy staff, the delegation discussed a number of issues relating to bilateral economic and financial cooperation with the Chinese authorities. The main focus of the discussions with the Export and Import (Exim) Bank was to negotiate the terms of the Preferential Buyers' Credit of US $ 300 million offered by Chinese Premier Wen Jiabao during his visit to Sri Lanka in April 2005 and its utilisation. The terms applicable for the Preferential Buyers' Credit were discussed in a spirit of mutual understanding and accommodation and the delegation was able to initiate an Agreement regarding the utilisation of the Credit for financing projects to be undertaken by Chinese companies acceptable to the two countries, contributing to Sri Lanka's early recovery from the tsunami disaster and the subsequent reconstruction phase. The Exim Bank agreed to reduce the interest rate to 2% to extend the maturity period to 20 years including the grace period of five years; and to reduce the management fee to 0.2% and the commitment fee to 2%. |
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