A government document has revealed that the China Development Bank is to increase its lending to Sri Lanka development projects, now totalling to more than US$1.4 billion.
The document outlines that US$300 million of the loan will be spent on developing roads and US$200 million on water supply projects, with the rest going to the national business school.
This follows on from previous funding of road development and irrigation projects, as wel as the $1.5 billion loan for the construction of a port and $209 million loan for the construction of an airport, both in Sri Lankan President Mahinda Rajapaksa's hometown of Hambantota.
Mahinda Rajapaksa is set to visit China next week for the first time since Chinese President Xi Jinping came into power.
See the report from Reuters here.
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.