Completed Development AidData Chinese Aid

China Eximbank provides RMB 46.8 million loan for Kelanitissa Diesel Tank Storage Farm Expansion Project

¥46.8M RMB

Funder	Export-Import Bank of China (China Eximbank)
Recipient Organization	Sri Lanka Ministry of Finance
Country	Sri Lanka
Start Date	May 16, 2004
End Date	Dec 06, 2026
Duration	8,239 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`70907`

Grant Description

China Eximbank provides RMB 46.8 million loan for Kelanitissa Diesel Tank Storage Farm Expansion Project On May 16, 2004, China Eximbank and the Ministry of Finance of the Government of Sri Lanka signed an RMB 46.8 million China Eximbank government concessional loan (GCL) agreement for the Kelanitissa Diesel Tank Storage Farm Expansion Project.

📋 Loan / Grant Terms

💹 Interest Rate2%

🔁 Repayment Period12 years

The Ministry of Finance of the Government of Sri Lanka then used the proceeds from this China Eximbank GCL to on-lend at a 10% interest rate to Ceylon Electricity Board (CEB), which is a state-owned electricity company that controls all major functions of electricity generation, transmission, distribution and retailing in Sri Lanka.

As of 2008, the loan had disbursed RMB 33,267,913.49 (Rs. 518,700,000).

The borrower made repayments worth RMB 3,265,360 (Rs. 70,983,355) in 2014, RMB 3,265,360 (Rs. 73,212,535) in 2015, RMB 3,265,360 in 2018, and RMB 3,265,360 in 2019.

The loan's amount outstanding was RMB 20,155,622.12 (Rs. 422,602,929) as of December 31, 2013, RMB 16,276,908.45 (Rs. 345,150,216) as of December 31, 2014, RMB 13,368,825.20 (Rs. 289,773,297) as of December 31, 2015, RMB 6,530,721 as of December 31, 2017, RMB 3,265,361 as of December 31, 2018, and RMB 0 as of December 31, 2019.

The project involved the construction of two diesel storage tanks of 10,000 MT each at the Kelanithissa Power Station. This project started on September 23, 2004. It was completed on October 31, 2005. The implementing agency is China Huanqiu Contracting & Engineering Corporation (中国寰球工程公司).

The Kelanitissa Power Station, which was commissioned in 2003, is located on the south bank of the Kelani River in the northern part of the city of Colombo, Sri Lanka.

📋 Staff Comments

This project is sometimes referred to as the Kelanitissa Diesel Storage Tank Project. Some sources refer to the face value of the loan as $5,608,646. However, this is likely a USD conversion of an RMB-denominated government concessional loan (GCL) from China Eximbank.
The Government of Sri Lanka loan key number is 2004041.

📚 Sources & References

Annual Report 2011
DEVELOPMENT COORDINATION
Financial Statements
Annual Report and Accounts 2010
Kelanitissa Power Station
DEVELOPMENT COORDINATION
Official Report
Annual Report 2012
寰球公司承建的斯里兰卡K电厂两柴油储罐项目开工
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
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
Financial Statements 2014
PARLIAMENTARY DEBATES (HANSARD)
FINANCIAL STATEMENTS OF THE GOVERNMENT FOR THE YEAR ENDED 31ST DECEMBER 2018, 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.