Colombo: China signed 16 agreements with Sri Lanka on Monday in the fields of marine development, technology cooperation and import-export.
The agreements also include favourable loans offered by Chinese banks to some major infrastructure projects and railway system renovation in Sri Lanka. The Southeast Asian country will borrow more than US$1.12bn from China for port development and railway construction including the ongoing expansion project of Hambantota port.
Sino-Sri Lankan bilateral trade volume reached $3.14bn in 2011 – up 49.8 percent year-on-year, according to China's Ministry of Foreign Affairs. [19/09/12]