Export-Import Bank of India (Exim Bank) has on behalf of the Government of India, extended a Short Term Line of Credit (STLOC) of USD 55 mn to the Government of the Socialist Republic of Sri Lanka for financing Procurement of Urea Fertiliser.
The STLOC Agreement to this effect, was signed by Mr. K. M. Mahinda Siriwardana, Secretary, Ministry of Finance, Economic Stabilization and National Policies, Government of the Socialist Republic of Sri Lanka and Mr. Nirmit Ved, General Manager, Exim Bank, in the presence of the Prime Minister, Government of the Socialist Republic of Sri Lanka, H.E. Mr. Ranil Wickremesinghe and the High Commissioner of India to Sri Lanka, H.E. Mr. Gopal Baglay, in Colombo on June 10, 2022.
With the signing of the above LOC Agreement for USD 55 mn, Exim Bank, till date, has extended 11 (eleven) 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 2.73 bn. 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 274 Lines of Credit, covering 61 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 27.81 bn, 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.