Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended a Line of Credit [LOC] of USD 100 million to the Government of the Socialist Republic of Sri Lanka for financing Projects in the Solar Energy Sector in Sri Lanka.
The LOC Agreement to this effect, signed by Mr. S. R. Attygalle, Secretary, Ministry of Finance, Government of the Socialist Republic of Sri Lanka and Mr. Gaurav Bhandari, Chief General Manager, Exim Bank was exchanged between Mr. S. R. Attygalle and Indian High Commissioner H.E Mr. Gopal Baglay in the presence of Sri Lankan President H.E. Mr. Gotabaya Rajapaksa and State Minister H.E. Mr. Duminda Dissanayake at the Presidential Secretariat in Colombo on June 16, 2021.
With the signing of the above LOC Agreement for USD 100 million, Exim Bank, till date, has extended 9 (nine) 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 1.68 billion. 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 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.