China Development Bank provides $100 million interest-free loan for Colombo Port City Project (Linked to Project ID#33431)
Commitment amount
$ 112356461.22621393
Adjusted commitment amount
$ 112356461.23
Constant 2021 USD
Summary
Funding agency [Type]
China Development Bank (CDB) [State-owned Policy Bank]
Recipient
Sri Lanka
Sector
Transport and storage (Code: 210)
Flow type
Loan
Level of public liability
Central government debt
Infrastructure
Yes
Category
Project lifecycle
Geography
Description
In April 2019, Government of Sri Lanka’s Ministry of Megapolis & Western Development, China Development Bank, and CHEC Port City Colombo (Private) Limited — a special purpose vehicle and wholly-owned subsidiary of CCCC — signed a $100 million tripartite loan agreement for the Colombo Port City Project. The maturity and grace period of the interest-free loan are unknown. However, it is known that the proceeds of the loan were to be used to construct an underground tunnel and access road to access reclaimed land on a 269-hectare artificial island that is adjacent to the Galle Face Green in the city of Colombo. More specifically, the purpose of the project is to develop an underground tunnel and access road to the Colombo Port City from Chaithya Mawatha, which connects to Marine Drive. Upon completion, the project is expected to ease congestion in Colombo.
Number of official sources
0
Number of total sources
1
Details
Cofinanced
No
Direct receiving agencies [Type]
Government of Sri Lanka [Government Agency]
CHEC Port City Colombo (PVT) Ltd. [Joint Venture/Special Purpose Vehicle]
Loan Details
Interest rate
0.0%