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China to loan and swap currency with Sri Lanka

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BEIJING, 5 March, 2021 (TON): A loan of US $500 million and a currency swap arrangement of two billion Yuan (around US $600 million) will be endorsed by China within a couple of weeks, said sources on Thursday.

On Wednesday, the Sri Lankan ambassador to China, Dr. Palitha Kohona had talks with the Chinese Vice. FM Luo Zhaohui to discuss bilateral cooperation over a wide areas.

Sri Lanka has reportedly sought financial assistance from China.

The US $ 500 million is to be approved by the Bank of China within the next two weeks, while the currency swap facility will be approved by People’s Bank of China.

Reports revealed that the two officials have also taken into account the FTA (Free Trade Agreement) between the two sides that were launched during the time 2010-2015.

The relations of the two countries have seemingly going towards prosperity as it is already known that China has affirmed to hold hands and stand by Sri Lanka at UNHCR.

Last modified on Friday, 05 March 2021 11:40

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