Indian Economy News

Exim Bank extends LOC of $500 mn to Sri Lanka for buying petro products

  • IBEF
  • February 4, 2022

The Export-Import Bank of India (Exim Bank) announced on Thursday that it has extended a US$ 500 million line of credit to Sri Lanka to help finance the purchase of petroleum products.

With the signature of the US$ 500 million LOC deal, Exim Bank has now granted ten lines of credit on behalf of the Indian government, bringing the total value of LOCs extended to US$ 2.18 billion, according to a press statement.

The provision of petroleum products, railway projects, defence, and infrastructure projects are among the projects covered by the LOCs issued to Sri Lanka.

Exim Bank now has 276 LOCs in place for funding exports from India, encompassing 61 countries in Africa, Asia, Latin America, and the Commonwealth of Independent States (CIS), with credit commitments totaling US$ 27.84 billion.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.