International   

Sri Lanka, China sign pacts worth $350 million

COLOMBO: Sri Lanka on Thursday signed two key developmental projects worth $350 million with the Exim Bank of China.

The Sri Lanka Board of Investment said here Secretary to the Treasury Sumith Abeysinghe signed the agreements relating to the construction of the Colombo-Katunayake Expressway and the Hambantota Bunkering Project with vice-president Zhu Xinqiang of the Exim Bank of China.

Mr. Abeysinghe is on a four-day visit to Beijing to discuss bilateral development assistance programme to Sri Lanka. Recent months have seen a major spurt in economic relations between Colombo and Beijing. A few weeks ago, China became the first foreign country in the island nation to have an exclusive economic zone.

The statement said that congratulating Sri Lanka on the recent victory in defeating terrorism, Mr. Zhu recalled the strong bilateral relations. He said overall relations had been strengthened and consolidated with closer development co-operation.

The Secretary told Mr. Zhu that under the leadership of President Rajapaksa, the government has launched a comprehensive development programme for the accelerated development covering the country.

The signing of the two agreements will pave the way for infrastructure requirements which will have an immense impact on the future socio-economic development. The Hambantota Bunkering facility is a major component of the Hambantota Port Development Project, which is also largely being funded by China.

Separately, it was announced here that Foreign Secretary Palitha Kohona will shortly assume duties as the Permanent Representative of Sri Lanka to the U.N., New York. There is no word yet on his successor. Dr. Kohona was with the Department of Foreign Affairs and Trade of Australia since 1983. He was posted to Geneva in 1989 and reutrned to Sri Lanka after Mr. Rajapaksa took office in November, 2005.

Printer friendly page  
Send this article to Friends by E-Mail

Stories in this Section

Reforms package for Pakistan tribal areas
Typhoon death toll to cross 500
Sri Lanka, China sign pacts worth $350 million
Pirates overpowered

Copyright © 2009, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu