The Sri Lankan cabinet has approved proposals by the government to obtain loans from China totalling over $1 billion.
Minister of Finance and Planning Mahinda Rajapakse, who is also President, Minister of Defence, Minister of Ports and Aviation, and Minister of Highways and Road Development, forwarded the proposals to the cabinet.
The loans, financed by China’s Exim Bank, will be used to fund the second phase of the Hambantota Harbour project in Rajapakse’s home town, and the southern rail line expansion project.
See here who benefits from Chinese loans to Sri Lanka.
Another Chinese project launched (18 Aug 2012)