Sri Lanka on Monday approved a proposal by China’s Sinopec (600028. SS) to build a $4.5 billion refinery, its energy minister said, making it the largest single investment in the island nation since a crippling economic crisis last year.
The cabinet approval cleared the state-owned refiner to finalise project details and sign an agreement with the government before it starts building the export-oriented refinery at Hambantota in the south of the country.
More support loans:
Sri Lanka will get more budget support loans after an International Monetary Fund concludes a review, which is expected in December, helping bring down rates faster, Central Bank Governor Nandalal Weerasinghe said.
“After completing the first review, the budget support loans that will come from the IMF, Asian Development Bank and World Bank, which will come to the government will help with budgetary financing,” Governor Weerasinghe told reporters