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China Eximbank provides RMB 260.5 million government concessional loan for Supply of 15 Diesel Multiple Units (DMUs) Project
| Funder | Export-Import Bank of China (China Eximbank) |
|---|---|
| Recipient Organization | Government of Sri Lanka |
| Country | Sri Lanka |
| Start Date | May 15, 2007 |
| End Date | Aug 06, 2027 |
| Duration | 7,388 days |
| Number of Grantees | 1 |
| Roles | Recipient |
| Data Source | AidData Chinese Aid |
| Grant ID | 33260 |
Grant Description
China Eximbank provides RMB 260.5 million government concessional loan for Supply of 15 Diesel Multiple Units (DMUs) Project On May 15, 2007, China Eximbank and the Government of Sri Lanka signed an RMB 260,528,797 ($38,683,633) government concessional loan (GCL) agreement for the Supply of 15 Diesel Multiple Units (DMUs) Project.
As of 2008, it had disbursed approximately RMB 152,988,788.83 (Rs. 2,385,340,000).
The borrower made repayments worth RMB 20,842,304 in 2018, RMB 20,842,304 in 2019, RMB 20,842,304 in 2020 and RMB 20,842,304 in 2021.
The loan's amount outstanding was RMB 104,211,519 as of December 31, 2017, RMB 83,369,215 as of December 31, 2018, RMB 62,526,911 as of December 31, 2019, RMB 41,684,607 as of December 31, 2020, and RMB 20,842,303 as of December 31, 2021, and RMB 10,421,152 as of June 30, 2022.
The purpose of the project was to facilitate the acquisition of 15 diesel multiple units (power train sets) to Sri Lanka Railways.
China National Machinery Import and Export Corporation (CMC) was responsible for supplying the power train sets to Sri Lanka Railways. The supplier of the power train sets was Hubei Machinery and Equipment Import-Export Company.
This project was part of a broader effort to modernize the Sri Lankan Railway system and reduce inconvenience caused to commuters traveling from Colombo to the suburban areas and on the Kelani Valley route.
The first 3 power train sets were scheduled to reach Colombo by August 2008, and the other twelve power train sets were to be delivered in two batches of six in September 2008 and December 2008. This project was successfully completed in 2009. However, this project has encountered debt repayment problems.
On April 12, 2022, the Government of Sri Lanka announced a ‘pre-emptive’ sovereign debt default, noting that it would suspend debt repayments to all external creditors other than multilateral institutions.
Its decision to suspend external debt service reportedly affected all China Eximbank loans with amounts outstanding at the time of the announcement.
Staff Comments
- In 2007, the Chinese Government also issued a loan for the provision of 100 carriages to the Government of Sri Lanka (see Project ID#33275), and it committed another loan in 2010 for the provision of an additional 13 diesel multiple units (see Project ID#49343).
- The Government of Sri Lanka loan key number is 2007015.
Sources & References
- First consignment of power sets due today
- First consignment of power sets from China arrive, 15 power sets here from September
- A Resurgent China: South Asian Perspectives
- Annual report 2007
- Annual Report 2008
- Annual report 2010
- Annual Report 2009
- The Export-Import Bank of China
- PARLIAMENTARY DEBATES
- Public Investment supported by Export Credit
- Chinese trade delegation meets PM
- First consignment of power sets due today
- 斯里兰卡铁路现状及中斯合作机遇
- Annual Report 2007
- CS-DRMS Report 814
- Disbursements in 2014 January to December.pdf, 814 Disbursements Jan to Dec 2015
- Disbursement from January to December 2016.pdf, 814-1 Annual 2017 for WEB New.pdf
- Transactions For the period from to 2019/01/01 2019/12/31, 814 up to Oct 2018.PDF
- Transactions For the period from to 2020/01/01 2020/12/31
- Transactions For the period from to 2021/01/01 2021/11/30
- Actual Disbursement by Transaction Date
- FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2018
- FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2019
- FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2021
- Instrument-wise Details of Central Government External Debt obtained under Foreign Law as at 2022/06/30
- PARLIAMENTARY DEBATES (HANSARD), 2015 Annual Report Ministry of Finance Sri Lanka
- FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31 ST DECEMBER 2020 Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.
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Government of Sri Lanka
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