Photo: China Development Bank's Guangxi Branch and Sri Lanka's Bank of Ceylon (BOC) enter into a 140-million-U.S. dollar long-term facility on Tuesday.
BEIJING, July 1 (Xinhua) -- Guangxi Branch of China Development Bank (CDB) and Sri Lanka's Bank of Ceylon (BOC) signed a cooperation agreement on Tuesday.
The two sides entered into a 140-million-U.S. dollar long-term facility where drawdown will be under two tranches of 70 million U.S. dollars each.
Due to the COVID-19 pandemic, the signing ceremony was held through an online video conference.
The cooperation was requested by the Sri Lankan side and supported by the Chinese side, under current financial situation and the background of fighting COVID-19 pandemic with all-out efforts.
The facility is to be utilized for supplementing BOC's general requirements, with the largest amount, longest tenor and competitive rates of this kind of credit lines ever received by the local market, which will provide much needed and appreciated support during Sri Lanka's fight against COVID-19.
The signing of the agreement is a milestone for a more comprehensive and enhanced cooperation between the two parties, which will also promote the cooperation between financial institutions of Sri Lanka and China under the Belt and Road Initiative.
(Edited by Yang Yifan with Xinhua Silk Road, email@example.com)