Export-Import Bank of India (Exim Bank) has extended a Line of Credit (LOC) of USD 100 million to the Sri Lanka government. This is to finance projects in the solar energy sector in Sri Lanka.
This agreement by Exim Bank is on behalf of the Indian government.
Till date, the bank has extended nine LOC to the Sri Lankan government, on behalf of the Government of India. This has taken the total value of LoCs extended to USD 1.68 billion. Projects covered under the LOCs extended to Sri Lanka include supply of petroleum products, railway projects, defence and infrastructure projects.
With this agreement, Exim Bank has now in place 272 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.84 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.
The LOC agreement to this effect, signed by SR Attygalle, Secretary, Ministry of Finance, Government of Sri Lanka and Gaurav Bhandari, Chief General Manager, Exim Bank were exchanged between Attygalle and Indian High Commissioner Gopal Baglay. This was in the presence of Sri Lankan President Gotabaya Rajapaksa and State Minister Duminda Dissanayake at the Presidential Secretariat in Colombo.