Exim Bank extends short-term LOC of USD 55 mn to Sri Lanka

Export-Import Bank of India (Exim Bank) on Friday said it has extended a short-term Line of Credit of USD 55 million (around Rs 425 crore) to the Sri Lankan government for financing procurement of urea fertiliser.

With this agreement, Exim Bank, till date, has extended 11 LOCs to the Sri Lankan government, on behalf of the Indian government, taking the total value of these LOCs to USD 2.73 billion, a release said.

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

With the signing of the latest LOC agreement, Exim Bank has now in place 274 LOCs, covering 61 countries in Africa, Asia, Latin America and the Commonwealth of Independent States (CIS), with credit commitments of around USD 27.81 billion, available for financing exports from India.

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