China has offered to invest USD 3.7 billion in Sri Lanka, stated to be the biggest-ever foreign investment in the island nation, to build a state-of-the-art oil refinery as the two countries signed a new plan to upgrade BRI cooperation during Sri Lankan President Anura Kumara Dissanayake's state visit here.

China and Sri Lanka agreed on more investment and economic cooperation on Wednesday as China's President Xi Jinping met recently-elected Sri Lankan President Anura Kumara Dissanayake in Beijing.

China has pledged a historic USD 3.7 billion investment in Sri Lanka for a state-of-the-art oil refinery. This is part of enhanced Belt and Road Initiative cooperation between the nations, following agreements signed during Sri Lankan President Anura Kumara Dissanayake's state visit to China.

Sri Lankan President Anura Kumara Dissanayake attracted investments from China on his first visit to Beijing since being elected in September.

China will continue to play a "positive role" in the International Monetary Fund and maintain friendly communication with other creditors, in assisting Sri Lanka to achieve financial relief and debt sustainability,

China has pledged a $3.7 billion investment in Sri Lanka for an advanced oil refinery, marking the largest-ever foreign investment in the island. This followed Sri Lankan President Anura Kumara Dissanayake's visit,

China places Sri Lanka on top of its neighbourhood diplomacy and supports it in safeguarding its sovereignty, President Xi Jinping told his Sri Lankan counterpart Anura Kumara Dissanayake during their

Once a leader in textiles and tourism, Sri Lanka now faces its worst economic crisis. With inflation at 60%, foreign loan defaults, and a lack of essentials like fuel and medicine, discover the factors that led to this national tragedy.