China has reportedly offered a loan of $500 million and another $600 in a currency swap arrangement to Sri Lanka, reported News 1st. The deal will come into effect within the next few weeks.   

No official announcement has been made yet. The information, however, came from the official Twitter handle of China’s Belt and Road initiative in Sri Lanka. 

“China will endorse a USD $500 million loans and a currency swap of two billion Yuan to Sri Lanka within the next couple of weeks,” reads the Tweet. 

Earlier, media reports suggested the officials of the two countries were in touch for loans.