Export-Import Bank of India has on behalf of the government of India, extended a $55 million short term line of credit to the government of Sri Lanka for financing procurement of urea fertiliser, the trade finance institution said in statement.
The credit line deal was signed in Colombo on Friday by K. M. Mahinda Siriwardana, secretary in the Sri Lankan government’s ministry of finance, economic stabilization and national policies and Nirmit Ved, general manager of Exim Bank, the statement said.
With this deal, Exim Bank till date has extended 11 lines of credit to the Sri Lankan government on behalf of the government of India, taking the total value to $2.73 billion, the statement said.
Projects covered under the credit line includes supply of petroleum products and projects in railway, defence and infrastructure sectors.
With the signing of the latest deal, Exim Bank has now in place 274 lines of credit, covering 61 countries in Africa, Asia, Latin America and the Commonwealth of Independent States (CIS) region, with credit commitments of around $27.81 billion, available for financing exports from India.
Besides promoting India’s exports, Exim Bank’s line of credits enable demonstration of Indian expertise and project execution capabilities in emerging markets.
Prime Minister of Sri Lanka Ranil Wickremesinghe and the High Commissioner of India to Sri Lanka Gopal Baglay were present on the occasion signing the latest credit line deal, the statement said.