World

Sri Lanka in talks for $100m emergency funding from Beijing-backed bank

Shortages of imported food, fuel and medicines have brought thousands onto the streets in over a month of mostly peaceful protests. Rajapaksa declared a second state emergency in five weeks on Friday.

The multilateral AIIB, founded in 2014 to promote infrastructure investing throughout Asia, draws most of its funding from China.

China is Sri Lanka’s largest bilateral lender, with an outstanding balance of $6.5 billion mostly lent over the past decade for large infrastructure projects, including highways, a port, an airport and a coal power plant

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