Three framework agreements with China - US$ 410 million for development
Three framework agreements amounting to US$ 410 million were signed between Treasury Secretary P.B. Jayasundera and the Chinese Commerce Vice Minister Chen Jian on December 23, 2009, under which the Chinese Government will provide concessional funding for several projects in Sri Lanka, including the second international Airport at Mattala.
The framework agreements were signed during a three day official visit to China by the Treasury Secretary. An annual granting agreement was also signed with the Commerce Ministry of China to the value of US$ seven million during this visit.
Dr. Jayasundera used the opportunity to apprise Vice Minister Chen Jian of the progress achieved by the GOSL in the fields of power, ports and highways as well as new construction and development initiatives undertaken by the GOSL, particularly in the Northern and Eastern regions.
He further briefed Chinese officials that it is the intention of the Government of President Rajapaksa to speed up reconstruction efforts, especially the construction of roads and railroads, to link the North and South which would contribute to improving the living conditions and livelihoods of the people in those provinces.
The Vice Minister of Commerce of China indicated further development assistance to improve the general living standards as well as to achieve a higher growth rate in Sri Lanka. The Sri Lanka delegation also held discussions with the Finance Ministry of China and assessed the progress of ongoing projects with Chinese contractors.
(Source: Daily News – 28th December, 2009)