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AIIB steps into grant of USD 100 million to Sri Lanka 

The Asian Infrastructure Investment Bank (AIIB) has stated that it is considering the granting of USD 100 million to Sri Lanka in principle, the Ministry of Finance announced.

This was disclosed by the AIIB President. Jin Liqun during a virtual meeting between the senior management of AIIB and Finance Minister Ali Sabry recently.

Sri Lanka’s ambassador to the People’s Republic of China Dr. Palitha Kohona and Secretary to the Treasury Mr. Mahinda Siriwardena along with Finance Ministry officials also took part in the meeting.

A discussion was held on the current areas of cooperation and also the managing of the present situation. At the outset, Mr. Liqun reiterated AIIB’s commitment to supporting Sri Lanka and stated that he was confident Sri Lanka will overcome the current issues that it is facing.

A discussion was held regarding immediate emergency support to Sri Lanka. Mr. Liqun has stated that in AIIB was considering the granting of USD 100 million to Sri Lanka in principle and that he would discuss it further with the Board.

A discussion was also held regarding medium- to long-term support to Sri Lanka. Minister Ali Sabry discussed the need for forex liquidity support for state banks of Sri Lanka and requested if such can be provided by AIIB. 

Mr. Liqun assured that AIIB will continue to work with Sri Lanka and support Sri Lanka in overcoming its present issues.Sri Lanka will also receive $180 million in loans from the Asian Infrastructure Investment Bank (AIIB) to support its Covid-19 emergency response and relief measures, 

The President of the Asian Infrastructure Investment Bank (AIIB) Jin Liqun, encouraged Sri Lanka to consult the IMF on the current economic challenges confronting Sri Lanka during his meeting with the Ambassador of Sri Lanka to China, Dr.Palitha Kohona. 

He also explained that the AIIB was ready to support Renewable Energy projects which would help Sri Lanka to achieve its target of obtaining 70% of its energy needs from Renewable Energy by 2030.

Sri Lanka Ambassador to China Palitha Kohona met the AIIB president earlier this month to discuss the loan and funding issue. The approval for the loan came on Friday.

Sri Lankan officials thanked the AIIB for extending the funding to bolster the country’s Covid19 crisis recovery which will mainly focus on Small and Medium Scale Enterprises (SMEs). Officials also briefed the AIIB on Sri Lanka’s response to the crisis.

AIIB officials also asked Sri Lanka to consider seeking funding for its renewable energy, electric public transport systems, light rail transport, electric vehicles, digital technology, shipbuilding, water supply, and manufacturing from the lender. 

 D J Pandian, the vice president of the AIIB, assured Sri Lanka that the lender will support these projects in the country. The Sri Lankan ambassador assured they would encourage the country’s private sectors to seek funding from the AIIB.

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