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☆ Sri Lanka reaches deal on debt restructuring with bilateral creditors including China and France
▼ + stars: | 2024-06-27 | by ( ) www.cnbc.com time to read: +2 min

Sri Lanka's President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. Sri Lanka President Media Division / Handout | Anadolu Agency | Getty ImagesSri Lanka's President Ranil Wickremesinghe announced a debt restructuring deal with countries including India, France, Japan and China in a televised address to the nation Wednesday. Furthermore, Sri Lanka will be able to repay all the loans on concessional terms, with an extended period until 2043. By 2022, Sri Lanka had to repay about $6 billion in foreign debt every year, amounting to about 9.2% of gross domestic product. The agreement would enable Sri Lanka to maintain debt payments at less than 4.5% of GDP between 2027 and 2032.

Persons: Ranil Wickremesinghe, Sri Lanka, Wickremesinghe Organizations: Sri, Sri Lanka President Media, Anadolu Agency, Getty, International Monetary Fund, China's Exim Bank Locations: India, France, Japan, China, Sri Lanka, Paris, Beijing, Sri Lankans

☆ China's EXIM bank gives Sri Lanka debt extension
▼ + stars: | 2023-01-26 | by ( Yew Lun Tian | ) www.reuters.com time to read: +1 min

BEIJING, Jan 26 (Reuters) - China's Export-Import Bank of China (EXIM) has provided Sri Lanka with a debt extension, China's foreign ministry said on Thursday, confirming a Reuters report earlier this week. EXIM offered Sri Lanka a two-year moratorium on its debt and said it would support the country's efforts to secure a $2.9 billion loan from the International Monetary Fund, according to a letter reviewed by Reuters. Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. At the end of 2020, China EXIM loaned Sri Lanka $2.83 billion which is 3.5% of the island's debt, according to an IMF report released in March last year. EXIM is a policy bank tasked by Beijing with lending to governments and key industries globally.

Regional rivals China and India are the biggest bilateral lenders to Sri Lanka, a country of 22 million people that is facing its worst economic crisis in seven decades. According to the letter, the Export-Import Bank of China said it was going to provide an extension on the debt service due in 2022 and 2023 as an immediate contingency measure based on Sri Lanka's request. At the end of 2020, China EXIM bank had loaned Sri Lanka $2.83 billion which is 3.5% of the island's debt, according to an IMF report released in March last year. "The bank will support Sri Lanka in your application for the IMF Extended Fund Facility (EFF) to help relieve the liquidity strain," the letter said. Sri Lanka's foreign and finance ministries did not immediately respond to questions from Reuters.

☆ Nigeria offers concession on $1.3 billion China-funded hydro power plant
▼ + stars: | 2022-11-11 | by ( Camillus Eboh | ) www.reuters.com time to read: +1 min

ABUJA, Nov 11 (Reuters) - Nigeria plans to grant a concession on its $1.3 billion hydropower plant now under construction and is seeking bids from private investors to operate the China-funded plant, authorities said on Friday. The Zungeru Hydroelectric Power Plant (ZHPP), the biggest of its type in Nigeria, is expected to generate 700 megawatts and is being funded by loans from China's Exim Bank, the Bureau of Public Entreprises (BPE), Nigeria's privatisation agency, said. Diesel prices have soared in Nigeria since the start of the year as global oil prices surged after Russia's invasion of Ukraine. The privatisation agency said it expects bids to be submitted by Nov. 24 and hopes to complete the concession by March next year. The private partner will be responsible for repaying the Chinese loan, the privatisation agency told investors in an online roadshow on Thursday, because it wanted to reduce government's financing of the plant.

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