US$ 1b Indian Credit Facility extended till March 2024

Sri Lanka
By Editor_1
-Indian HC

COLOMBO -The State Bank of India (SBI) has extended by 12 months, the tenure of the US$ 1 billion Credit Facility provided to the Government of Sri Lanka for procurement of essential items in March 2022. An Amendment Agreement to this effect was signed on Tuesday (30) in the presence of the State Minister of Finance, Shehan Semasinghe, senior officials from the Ministry of Finance of Sri Lanka and officials from High Commission of India, Colombo. Officials from the State Bank of India joined the event from India virtually.

The credit facility was extended on a request by the Sri Lankan government.

A statement from the Indian High Commission in Sri Lanka, said with the signing of the Amendment Agreement, the Credit Facility will be available for use for a period of one more year, till March 2024, recalling that since last year, the Facility has been used for urgent procurement of fuel, medicines, food items and industrial raw materials, as per the requirements and priorities of government..

It also noted that the Government of India has extended multi-pronged assistance of about US$ 4 billion to Sri Lanka last year, through multiple credit lines and currency support, in line with India’s ‘Neighbourhood First’ Policy. India’s continued support to Sri Lanka is a testament to India’s abiding commitment to stand with the government and the people of Sri Lanka towards early economic stabilization and recovery, the statement added.

-ENCL

 

Editor_1
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