Bank of China, the country's fourth-biggest lender by assets, has offered a loan of $300 million to Sri Lanka which can be raised to $1 billion, a source in Colombo with direct knowledge of the matter, told Reuters on Tuesday.
The government is considering the offer because of "difficulty in borrowing money after recent ratings downgrades", the source said, declining to be named as the information was not public.
Reuters could not immediately reach Sri Lanka's Ministry of Finance and the Bank of China.
Sri Lanka, an island nation off India's southeastern coast, is struggling to repay its foreign loans, with a record $5.9 billion due this year including $2.6 billion in the first three months alone.
LEAVE A COMMENT Your email address will not be published. Required fields are marked*
Maldives seeks to restructure China debt
Sri Lanka suspends parliament ahead of snap polls
West must invest to keep China at bay: Gotabaya
India offers $450mn to Lanka for economy and security
Lanka president to call snap parliamentary poll in March
New Sri Lanka president swears in his brother as PM
Lanka’s new president picks brother as prime minister
Sri Lanka's new president names brother Mahinda as PM
Lanka new leader likely to reboot China ties