China a 'stakeholder' in Sri Lanka's development: Lanka | world | Hindustan Times
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China a 'stakeholder' in Sri Lanka's development: Lanka

world Updated: Aug 22, 2009 16:07 IST

Describing China as a "major stakeholder" in Sri Lanka's development, Colombo has said Beijing had offered financial support and had stood by the country in "crucial situations".

"China has extended its support to us... Despite some international pressures on Sri Lanka in recent times," senior Presidential Advisor Basil Rajapaksa said, while addressing a ceremony to mark the completion of the first phase of a power plant build with Chinese assistance in North-western province.

Rajapaksa said China was a major stakeholder in the country's development.

"China came forward to help Sri Lanka in crucial situations," he said, thanking Beijing for its financial support for the USD 455 million project.

The 900 MW coal-fired power plant, work on which was inaugurated in May 2006, is being built with Chinese financial assistance in Norochcholai and its first phase is expected to become operational next year.

The total estimated cost of the project is put at USD 455 million out of which EXIM Bank of China is providing a soft loan of USD 300 million.

Basil Rajapaksa said that the Chinese government had also granted financial support to Sri Lanka to develop roads, railways, harbours and other facilities.