The agreement for the provision of the loan was signed at Temple Trees in the presence of Prime Minister Mahinda Rajapaksa.

Treasury Secretary SR Attygalle and Wang Wei, Deputy Director, China Development Bank signed the agreement in the presence of Prime Minister Mahinda Rajapaksa, Acting Ambassador of China Hu Wei and China Development Bank Deputy Governor Ma Xin.

On a request made by the Sri Lankan government China has urgently provided a concessionary loan of US$ 500 million with a term of 10 years, to help Sri Lanka financially to better respond to the current COVID–19 pandemic.

The loan would be given to Sri Lanka with a maturity period of 10 years and a three-year grace period along with concessionary interest rates linked to 6 Month USD LIBOR, according to the Ministry of Finance.