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

The LOC Agreement was signed by S. R. Attygalle, Secretary, Ministry of Finance, Government of the Socialist Republic of Sri Lanka and Gaurav Singh Bhandari, Chief General Manager, Exim Bank, in the presence of the Minister of Finance of Sri Lanka, H.E. Basil Rajapaksa and the High Commissioner of India to Sri Lanka, H.E. Gopal Baglay, in Colombo on Wednesday.

With the signing of the LOC agreement for USD 500 million, Exim Bank 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, according to a release.

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.

Image credit: Financial Express