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China is to loan 1 billion USD to Beijing

Last Updated: February 2, 2019

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China is to loan 1 billion USD to Beijing

China is to loan 1 billion USD to Beijing

02 February 2019 Current Affairs:

China is to sign a $1 billion concessional loan agreement with Beijing. The agreement is to fund a major highway project linking Colombo to Kandy. The construction of the first phase of the road has been delayed for more than two years due to a lack of funding. Last year Sri Lanka has handed over a strategic port to a Chinese firm for a 99-year lease. 
China: 
Capital: Beijing 
President: Xi Jinping 
Currency: Renminbi (yuan; ¥) 
Official Language: Chinese 
Sri Lanka: 
Capital: Sri Jayawardenepura Kotte 
Official languages: Sinhala, Tamil 
President: Maithripala Sirisena 
Prime Minister: Ranil Wickremesinghe 
Currency: Sri Lankan rupee (LKR)

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