Active Development AidData Chinese Aid

China Development Bank provides $140 million loan to Bank of Ceylon for on-lending activities in 2020

$140M USD

Funder	China Development Bank (CDB)
Recipient Organization	Bank of Ceylon (BOC)
Country	Sri Lanka
Start Date	Jun 30, 2020
End Date	Jun 16, 2028
Duration	2,908 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`71787`

Grant Description

China Development Bank provides $140 million loan to Bank of Ceylon for on-lending activities in 2020 On June 30, 2020, the Guangxi Branch of China Development Bank (CDB) signed a long-term $140 million USD facility (loan) agreement with the Bank of Ceylon (BOC) to support on-lending activities.

📋 Loan / Grant Terms

💰 Loan Amountline facility carried a maturity period of three years and a grace period of one year

The loan was to be disbursed via two, $70 million USD tranches.

The proceeds of the loan were to be used by the borrower to provide support needed during Sri Lanka’s fight against COVID-19; specifically, the facility was intended to supplement BOC's general lending requirements, allowing it to support businesses affected by the COVID-19 pandemic, namely in the small and medium enterprises (SME) sector associated with exports, fishing, logistics, transport, agriculture, and manufacturing.

📋 Staff Comments

1. Bank of Ceylon is a 100% state-owned commercial bank in Sri Lanka.

📚 Sources & References

锡兰银行与国开行签署贷款协议
Sri Lanka's Bank of Ceylon signs cooperation treaty with China Development Bank
BOC
China Development Bank sign landmark deal for $ 140 m funding
China Development Bank
Sri Lanka's Bank of Ceylon ink 'cloud cooperation agreement' on Tue.
BOC to ink deal with China Development Bank for US$ 140 mn facility
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China signs another USD $140 million loan to Sri Lanka as debts pile up
BOC
CDB enter USD 140 mn facility agreement
BOC
China Development Bank to sign USD 140 mn facility agreement
中国金融机构与斯里兰卡最大银行“云签约”
China Development Bank
Sri Lanka's Bank of Ceylon ink ' cloud cooperation agreement ' on Tue 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.