Sri Lanka in talks with China for $1bn loan

21 June, 2019 12:00 AM printer

COLOMBO: Sri Lanka is seeking a loan of nearly $1.0 billion from China for energy and highways as the island recovers from the devastating Easter Sunday bombings, the finance ministry said Thursday.

Talks are underway with China's Asian Infrastructure Investment Bank (AIIB) to raise the new loan in addition to the $1.2 billion obtained from international agencies this year, the ministry said, reports AFP.

"We have been discussing with the AIIB to obtain nearly an additional US$ 1,000 million for further development of the Power and Highway sectors," the ministry quoted Finance minister Mangala Samaraweera.