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Govt. To Pay Rs. 11 Billion Interest For H’tota Port

Jun 24, 2011 10:33:11 PM - thesundayleader.lk

The government has informed parliament that it has to pay US$ 111.21 million, (approximately Rs. 11.1 billion) as interests for the US$ 307 million loan obtained from China for the Hambantota Port Development Project.

The government has made this revelation in parliament in response to a question posed by opposition United National Party (UNP) parliamentarian Ravi Karunanayaka.

While the project has been estimated to cost US$ 360 million, only US$ 54 million was financed by the Sri Lanka Ports Authority and the rest of the monies have been taken as a loan from the Export-Import Bank of China.

According to the government’s response, the state has to pay US$ 418.21 million including interest to the Chinese EXIM Bank in 11 installments till December 31, 2022.

The repayment is to commence next year.