Exim Bank extends LOC of USD 500 mn to Sri Lanka

INTERNATIONAL DESK: Export-Import Bank of India (Exim Bank) Thursday said it has extended a line of credit of USD 500 million to Sri Lanka for financing the purchase of petroleum products.

With the signing of the LOC agreement for USD 500 million, Exim Bank, to date, has extended 10 lines of credit to the Sri Lankan government on behalf of the Indian government, taking the total value of LOCs extended to USD 2.18 billion, a release said.

Projects covered under the LOCs extended to Sri Lanka includes the supply of petroleum products, railway projects, defence and infrastructure projects.

Exim Bank has now in place 276 LOCs, covering 61 countries in Africa, Asia, Latin America and the Commonwealth of Independent States (CIS), with credit commitments of around USD 27.84 billion, available for financing exports from India. (PTI)