President Xi Jinping told his Sri Lankan counterpart on Friday in Beijing that China is eager to provide aid to that country without regard to politics and to purchase more of its commodities.
The promises were given a week after the island country, in financial difficulty, announced it had struck a deal with the Export-Import Bank of China on a debt of $4.2 billion, representing a small portion of the $7 billion it owes to bilateral and commercial Chinese lenders.
About two significant projects China has supported as part of its “Belt and Road” initiative, Xi reminded Sri Lankan President Ranil Wickremesinghe that “the two sides should make every effort to promote Colombo port city and Hambantota.”
Wickremesinghe was in Beijing for the Belt and Road Forum, which finished on Wednesday and discussed debt restructuring.
“China is willing to continue to assist Sri Lanka without attaching political conditions to help it cope with the difficulties it faces,” said Xi.
As its dollar reserves decreased so it could no longer afford to pay for basic imports like petrol and medication, Sri Lanka defaulted on its international debt last May.
“China is willing to expand the import of Sri Lanka’s products and will encourage Chinese enterprises to invest,” stated Xi.
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