Sri Lanka's Bank of Ceylon signs cooperation treaty with China Development Bank

Sri Lanka's Bank of Ceylon on Tuesday signed a long-term treaty with the China Development Bank, a joint statement from the state-owned bank and China Development Bank said.

Both banks entered into a 140-million-U.S. dollar long-term cooperation through which drawdown will be made under two tranches of 70 million U.S. dollars each.

However, due to the COVID-19 pandemic the signing ceremony was held through an online video conference, the first time in the country to conduct a signing ceremony.

The funding was requested by the Sri Lankan bank and supported by the Chinese side, which will provide much needed and appreciated support during Sri Lanka's fight against COVID-19, the joint statement said.