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Economy

China's Xi offers fresh $295 million grant to Sri Lanka

Updated : July 23, 2018 06:22 PM IST

The grant offer comes at a time when a Chinese firm is facing heavy criticism for allegedly financing the last election campaign of former President Mahinda Rajapaksa.
Last month, the New York Times reported that China Harbour Engineering Company Ltd (CHEC) gave $7.6 million for Rajapaksa's re-election bid, which he lost to Sirisena in early 2015.
The 2014 docking of a Chinese navy submarine in Colombo raised an alarm in New Delhi, prompting Indian Prime Minister Narendra Modi to boost ties with Sri Lanka and claw back influence in the Indian Ocean region.
China's Xi offers fresh $295 million grant to Sri Lanka
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