Exim Bank extends $55m line of credit to Sri Lanka

Export-Import Bank of India has, on behalf of the Government of India, extended a short-term line of credit of $55 million to the government of Sri Lanka to finance the purchase of urea-based fertilizers, the report said. trade finance institution in a statement.

The line of credit agreement was signed in Colombo on Friday by KM Mahinda Siriwardana, secretary in the Sri Lankan government’s Ministry of Finance, Economic Stabilization and National Policies and Nirmit Ved, managing director of Exim Bank, according to the communicated.

With the deal, Exim Bank has so far extended 11 lines of credit to the Sri Lankan government on behalf of the Indian government, bringing the total value to $2.73 billion, according to the release.

Projects covered by the line of credit include the supply of petroleum products and projects in the rail, defense and infrastructure sectors.

With the signing of the latest agreement, Exim Bank now has 274 lines of credit, covering 61 countries in Africa, Asia, Latin America and the Commonwealth of Independent States (CIS) region, with commitments of credit of approximately $27.81 billion, available for export financing from India.

In addition to promoting Indian exports, Exim Bank’s line of credit helps demonstrate Indian expertise and project execution capabilities in emerging markets

Sri Lankan Prime Minister Ranil Wickremesinghe and India’s High Commissioner to Sri Lanka Gopal Baglay were present on the occasion to sign the latest line of credit agreement, the statement said.

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