India Extends $100 Mn Line of Credit to Finance Solar Energy Projects in Sri Lanka

The Export-Import Bank of India (Exim Bank) has extended a USD 100 million Line of Credit (LOC) to the Sri Lankan Government for financing solar energy projects in the country.

In this regard, the agreement was signed between S.R. Attygalle, Secretary, Ministry of Finance, Government of Sri Lanka and Gaurav Bhandari, Chief General Manager, Exim Bank, and was exchanged between S.R. Attygalle and Indian High Commissioner Gopal Baglay in the presence of Sri Lankan President Gotabaya Rajapaksa and State Minister Duminda Dissanayake at the Presidential Secretariat in Colombo on June 16, 2021.

So far, Exim Bank has extended 9 LoCs to Sri Lanka, on behalf of Indian Government, taking the total value of LOCs extended to USD 1.68 billion.

Further, the projects covered under the LOCs include supply of petroleum products, railway projects, defence and infrastructure projects. 

Post signing this agreement, Exim Bank has now in place 272 LoCs, covering 62 countries in Africa, Asia, Latin America and the CIS, with credit commitments of around USD 26.84 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.