Mumbai, January 11, 2018 : Export-Import Bank of India [Exim Bank] has, on behalf of the Government of India, extended a Line of Credit [LOC] of USD 45.27 million to the Government of the Democratic Socialist Republic of Sri Lanka [Government of Sri Lanka] for financing rehabilitation of Kankesanthurai Harbour. The LOC Agreement to this effect was signed in New Delhi on Wednesday, January 10, 2018, by Mr. David Rasquinha, Managing Director, on behalf of Exim Bank and Dr. R. H. S. Samaratunga, Secretary, Ministry of Finance & Mass Media, on behalf of the Government of Sri Lanka.
With the signing of the above LOC Agreement for USD 45.27 million, Exim Bank, till date, has extended seven Lines of Credit to the Government of Sri Lanka, on behalf of the Government of India, taking the total value of LOCs extended to USD 1,429.43 million. Projects covered under the LOCs extended to the Government of Sri Lanka includes supply of equipment, upgradation and laying of railway tracks, supply and installation of signaling and communication equipment, supply of transport vehicles and equipment, and procurement of railway rolling stocks.
With the signing of this LOC Agreement, Exim Bank has now in place 223 Lines of Credit, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 21 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.