Chinese President Xi Jinping met with visiting Sri Lankan Prime Minister Ranil Wickremesinghe in Beijing on Friday.
Sri Lankan Prime Minister has announced the resumption of work on the stalled Chinese Colombo Port City project while China has pledged fresh support to the Island nation in infrastructure development.
These announcements were made in the Joint Statement by China and Sri Lanka at the conclusion of the visit of Prime Minister Ranil Wickremesinghe to Beijing on Saturday.
The Joint Statement said that the two sides will use the Chinese initiative to develop a 21st Century Maritime Silk Road to advance infrastructure development in Sri Lanka, the China-Sri Lanka Free Trade Agreement negotiations, to promote joint ventures and expand cooperation in the areas of economy, culture, science and technology.
Sri Lankan Prime Minister’s Beijing visit comes at a time when the country is facing a debt crisis with looming repayments of Chinese infrastructure loans.
Chinese stress on cooperating with Sri Lanka in further developing the infrastructure and Sri Lanka’s commitment to revive the Chinese Port City Project marks an understanding between the two countries to work out solutions to ward off immediate Chinese loan repayment concerns.