With China Development Bank:

BoC signs loan agreement

Bank of Ceylon (BoC), Sri Lanka's largest commercial bank signed a loan agreement of a long-term credit facility of US $ 50 million for five-years with China Development Bank Corporation (CDB).

The China Development Bank is China's largest bank for international investment and financing, with its equity interests held by China's Finance Ministry and Central Huijin Investment Ltd.

Its principal activities include lending, investment, securities, treasury operations, bond trading and financing lease.

This facility was furnished to establish a long-term and strategic relationship between the two banks, and to provide financial support to the projects recommended by Bank of Ceylon and facilitate trade financing for economic development in Sri Lanka.

These funds will be utilized for long-term projects in the areas of development, trade finance, infrastructure, commerce etc. and thereby BoC extends its co-operation with CDB in a mutually beneficial manner.

BoC will promote the realization of development goals and strategies of both parties and expand bilateral economic and trade relationships with this agreement.

China Development Bank will extend their support by providing credit facilities for projects such as port, road and railway, plantation industry etc., which are of importance to the economic development of Sri Lanka.

The signing ceremony took place at Bank of Ceylon Head Office premises with the participation of CDB senior representatives and BoC Chairman, General Manager and senior management recently.