The Sri Lankan cabinet has approved proposals by the government to obtain loans from China totalling over $1 billion.
Minister of Finance and Planning Mahinda Rajapakse, who is also President, Minister of Defence, Minister of Ports and Aviation, and Minister of Highways and Road Development, forwarded the proposals to the cabinet.
The loans, financed by China’s Exim Bank, will be used to fund the second phase of the Hambantota Harbour project in Rajapakse’s home town, and the southern rail line expansion project.
See here who benefits from Chinese loans to Sri Lanka.
Another Chinese project launched (18 Aug 2012)
We need your support
Sri Lanka is one of the most dangerous places in the world to be a journalist. Tamil journalists are particularly at threat, with at least 41 media workers known to have been killed by the Sri Lankan state or its paramilitaries during and after the armed conflict.
Despite the risks, our team on the ground remain committed to providing detailed and accurate reporting of developments in the Tamil homeland, across the island and around the world, as well as providing expert analysis and insight from the Tamil point of view
We need your support in keeping our journalism going. Support our work today.
For more ways to donate visit https://donate.tamilguardian.com.
