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 China set to increase investment in Sri Lanka10-03-2010CHINA has agreed to lend $290 million (£195m) to Sri Lanka for a new airport and to revive the country's railway network, the island
nation's foreign ministry said on Wednesday (10).
China will provide a $190 million (£128m) loan through its funding
arm, Exim Bank, to construct the island's second airport and $100
million (£66m) to boost the capacity of the Sri Lankan railway, the
ministry said in a statement.
China was the largest foreign funding source for Sri Lanka in 2009
with $1.2 billion (£800m) followed by the Asian Development Bank
with $424 million (£484m).
China and India are increasingly competing for lucrative and strategic
investments in Sri Lanka since the end of a 25-year war in May last
year.
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