Overview

China Development Bank provides $25 million loan to Central Bank of Sri Lanka for development

Commitments (Constant USD, 2023)$34,682,944

Commitment Year•2009Country of Activity•Sri LankaDirect Recipient Country of Incorporation•Sri LankaSector•Other MultisectorFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jan 1, 2009

Start (actual): Jul 25, 2009

Last repayment (originally scheduled): Jan 1, 2012

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Policy Banks

China Development Bank (CDB)

Receiving agencies

Government Agencies

Central Bank of Sri Lanka

Implementing agencies

Government Agencies

Central Bank of Sri Lanka

Loan description

China Development Bank provides $25 million loan to Central Bank of Sri Lanka for development

Grant element•5.3127%Interest rate (t₀)•5.75%Interest type•Variable Interest RateLoan tenor•6-month rateMaturity•3 years

Narrative

Full Description

Project narrative

On July 25, 2009, China Development Bank finalized a $25 million loan agreement with the Central Bank of Sri Lanka (CBSL) for the purpose of enhancing liquidity in the market and promoting the development of agriculture and infrastructure in Sri Lanka. The loan aimed to "to promote financial and economic co-operation between the two institutions." This loan agreement carried the following terms: 3 year maturity and an interest rate of 6-month LIBOR plus a 4% margin. Given that the 6-month LIBOR rate in July 2009 was 0.299 %, the total interest amounted to 4.299%.