The loan is said to be received by the end this year at an interest rate of 3% per annum. The Sri Lankan authorities initially requested credit from the Bank of Japan and the State Bank of China at a comparatively lower interest rate. Therefore, we asked the Chinese and Japanese Ambassadors if they could provide loans to replace the existing loans with a lower interest rate. However, after the calculation and evaluation, they said they can’t lower the interest rate,” Gammanpila said at the time. However, later on it was reported that CPC had received loan offers from several other countries including Australia, Singapore, and China.

Source: The Nation September 18, 2021 20:03 UTC