Exim Bank extends a line of credit of usd 500 million to the government of the socialist republic of Sri Lanka

3 Feb 2022 , 12:50 PM

Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended a Line of Credit [LOC] of USD 500 million to the Government of the Socialist Republic of Sri Lanka for financing purchase of Petroleum products.

The LOC Agreement to this effect, was signed by Mr. S. R. Attygalle, Secretary, Ministry of Finance, Government of the Socialist Republic of Sri Lanka and Mr. Gaurav Singh Bhandari, Chief General Manager, Exim Bank, in the presence of the Minister of Finance of Sri Lanka, H.E. Mr. Basil Rajapaksa and the High Commissioner of India to Sri Lanka, H.E. Mr. Gopal Baglay, in Colombo on February 02, 2022.

With the signing of the above LOC Agreement for USD 500 million, Exim Bank, till date, has extended 10 (ten) Lines of Credit to the Government of the Socialist Republic of Sri Lanka, on behalf of the Government of India, taking the total value of LOCs extended to USD 2.18 billion. Projects covered under the LOCs extended to the Government of the Socialist Republic Sri Lanka includes supply of Petroleum products, Railway projects, Defence and Infrastructure Projects.

With the signing of this LOC Agreement, Exim Bank has now in place 276 Lines of Credit, covering 61 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 27.84 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank’s LOCs enable demonstration of Indian expertise and project execution capabilities in emerging markets.