The dollar denominated loan will come from China's Exim Bank while the yuan loan will be provided by the Chinese government.
Minister Keheliya Rambukwella, also the government spokesman, said the loan is to be offered on concessionary terms.
He said both facilities would be availed with the aim of consolidating Hambantota port as a container transshipment hub.
In the first phase of Hambantota, China lent USD 400 million while another USD 77 million was made available towards the building of an oil bunkering facility.
The new international airport which construction is underway at Hambantota saw China lending USD 190 million.
Hambantota the home district of President Mahinda Rajapaksa is to be developed as a key economic centre.
