Completed Development AidData Chinese Aid

China Eximbank provides RMB 182.9 million government concessional loan for Supply of 100 Railway Passenger Carriages Project

¥183M RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Government of Sri Lanka
Country	Sri Lanka
Start Date	May 15, 2007
End Date	Jul 27, 2030
Duration	8,474 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`33275`

Grant Description

China Eximbank provides RMB 182.9 million government concessional loan for Supply of 100 Railway Passenger Carriages Project On May 15, 2007, China Eximbank and the Government of Sri Lanka signed an RMB 182,997,446 ($27,078,543) government concessional loan (GCL) agreement for the Supply of 100 Railway Passenger Carriages Project.

📋 Loan / Grant Terms

📅 Maturity15 years

⏳ Grace Period3 years

💹 Interest Rate2%

As of 2008, it had disbursed approximately RMB 157,937,607.42 (Rs. 2,462,500,000).

The borrower made repayments worth RMB 14,639,796 in 2018, RMB 14,639,796 in 2019, RMB 14,639,796 in 2020 and RMB 14,639,795 in 2021.

The loan's amount outstanding was RMB 73,198,978 as of December 31, 2017, RMB 58,559,182 as of December 31, 2018, RMB 43,919,386 as of December 31, 2019, RMB 29,279,590 as of December 31, 2020, RMB 14,639,795 as of December 31, 2021, and RMB 7,319,898 as of June 30, 2022. The purpose of the project was to supply of 100 railway passenger carriages to Sri Lanka Railways.

China National Machinery Import and Export Corporation (CMC) was responsible for supplying the passenger carriages. This project was successfully completed on January 31, 2008. However, the 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

The Government of Sri Lanka loan key number is 2007014.
In 2007, the Chinese Government also committed a loan for the provision of 15 diesel multiple units (see Project ID#33260), and it committed another loan in 2010 for the provision of an additional 13 diesel multiple units (see Project ID#49343).

📚 Sources & References

China to provide rail carriages to Sri Lanka
China to export 100 locomotives to Sri Lanka
Five more power sets in operation
New power sets to reduce travel time - minister
A Resurgent China: South Asian Perspectives
Annual Report 2008
Annual report 2007
北车长客签订孟加拉、斯里兰卡客车项目采购合同
PARLIAMENTARY DEBATES
中机公司出口斯里兰卡100辆铁路客车顺利交车
CMC President Mr. Tang Yi attends the welcome banquet for Sri Lanka President.
Annual Report 2007
CS-DRMS Report 814
The Export-Import Bank of China
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
Instrument-wise Details of Central Government External Debt obtained under Foreign Law as at 2022/06/30
PARLIAMENTARY DEBATES (HANSARD)
FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2019
FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2021, 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.

All Grantees

Government of Sri Lanka

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