Cabinet approves Sino-Lanka framework

Friday, 12 May 2017 00:12 - - {{hitsCtrl.values.hits}}

Cabinet has approved the signing of a framework agreement and mid- and long-term development plan with China in keeping with the Memorandum of Understating (MoU) signed between the two countries in April last year.

Cabinet approval was given on Wednesday to the proposal made by Minister of Development Strategies and International Trade Malik Samarawickrama to sign the agreement on investment promotion and economic and technical cooperation between the two countries.

Prime Minister Ranil Wickremesinghe will be in Beijing next week to attend the ‘One Belt, One Road’ (OBOR) summit.

Cabinet also gave approval on Wednesday to enter into a loan agreement with the EXIM Bank of China for a concessionary loan for the Kandy North-Patha Dumbara Integrated Water Supply Project.

The project is aimed at providing provide safe drinking water to six Divisional Secretary Divisions in the Kandy District.

The EXIM Bank of China has agreed to grant a concessionary loan to cover its total cost and accordingly, the proposal made by Prime Minister Wickremesinghe, in his capacity as the Minister of National Policies and Economic Affairs, to enter into a loan agreement in this regard, was approved by the Cabinet of Ministers.