Press briefing of Cabinet Decision taken on 2012-09-12

Loan from the Exim Bank of China to Finance Hambantota Port Development Project - Phase II

? Cabinet approval has already been granted to obtain a loan of US $600 million under preferential buyers credit and a Chinese Government concessional loan of Renminbi Yuan 1 billion from the Export Import (EXIM) Bank of China to finance the above project. In addition, the EXIM Bank of China has agreed to provide a credit facility of US $51 million to finance the balance funds required to cover the total cost of US $808.14 million of the above project. The proposal made by H.E. the President, in his capacity as the Minister of Finance and Planning, to enter into the relevant loan agreement, was approved by the Cabinet.