China funds mega projects

Dinesh WEERAWANSA in Beijing

BEIJING: China will explore the possibility of funding the next phase of the Puttalam Coal Power Project and the Hambantota Bunkering project and will take immediate steps to accelerate the completion of ongoing development projects in Sri Lanka.

President Mahinda Rajapaksa said after his discussions with several Chinese companies handling development and construction projects in Sri Lanka, that he was able to convince them to accelerate the completion of the projects.

The President held discussions with the President of EXIM Bank of China Li Ruogu in Beijing yesterday to review the ongoing development projects funded by China.

In a fruitful round of discussions, the EXIM Bank Chief expressed warm sentiments of China’s friendship towards Sri Lanka and assured sincere co-operation to complete Bank-assisted projects on time as a manifestation of goodwill from China.

President Rajapaksa thanked the EXIM Bank for speedy arrangement of funding for the Hambantota Port Project and discussed further assistance from the bank for the next phase of funding for the Puttalam Coal Power Project and also the Hambantota Bunkering project.

Ruogu assured expeditious processing of funding facilities for these projects. He assured President Rajapaksa of the EXIM Bank’s assistance for the Colombo-Katunayake Expressway Project. Ruogu also expressed his desire to visit Sri Lanka on the completion of the projects.

While inviting the EXIM Bank Chief to tour Sri Lanka to visit the projects funded by China, the President indicated that the dedication of the Chinese companies have resulted in the possibility of most projects being completed ahead of schedule.

President Rajapaksa also held discussions with the Chief Executive Officers of a few leading Chinese construction companies that have undertaken development projects in Sri Lanka.

The President appreciated the smooth progress of the Hambantota Port project when he met President of the China Harbour Engineering Company, Chen Fenjian. President of the China National Machinery Equipment Import and Export Corporation, Xie Biao promised to keep to the accelerated time lines in completing the power Project and assured their commitment towards undertaking the Second Phase of the Norochcholai Project which will total 900 MW of power to the National Grid, thereby reducing the overall energycost in Sri Lanka.

CEO of the Yangjian Corporation, Tang Bo, during his brief interaction with President Rajapaksa, indicated that upon completion of the Arts Theatre, it will stand as a landmark monument in testimony of the friendship between Sri Lanka and China.

The project cost of US $ 23 million is financed by China with grants and soft loans. President Rajapaksa also had a meeting with the China Metallurgical Group Corporation chief Shen Heting on the Colombo-Katunayake Expressway Project.

Mr Heting also assured the expeditious launching of the work in Sri Lanka in keeping with the proposed time lines for completion. Associated with the President at the discussions were Finance Secretary Dr. P.B. Jayasundara, Sri Lanka’s Ambassador to China, Karunatillaka Amunugama, Additional Secretary to the President Gamini Senarath and Co-ordinating Secretary to the President Sajin Vaas Gunawardena.