SBI signs agreement to provide $1-bn credit facility to Sri Lanka


The finance ministry on Thursday said State Bank of India (SBI) will provide $1 billion credit facility to Sri Lanka for procurement of food, medicines and other essential items.

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Agreement signing between SBI and Government of Sri Lanka for $1 billion credit facility for procurement of food, medicine and other essential items to Sri Lanka

The finance ministry on Thursday said State Bank of India (SBI) will provide USD 1 billion credit facility to Sri Lanka for procurement of food, medicines and other essential items.

The ministry in a tweet said Finance Minister Nirmala Sitharaman and External Affairs Minister S Jaishankar met Sri Lankan Finance Minister Basil Rajapaksa here.

The ministers discussed wide ranging issues, it added.

“Agreement was signed between SBI and Government of Sri Lanka for USD 1 billion credit facility for procurement of food, medicine and other essential items to Sri Lanka,” the ministry said in another tweet.

Earlier, the Export-Import Bank of India (Exim Bank) had extended a line of credit of USD 500 million for financing the purchase of petroleum products to Sri Lanka which is facing a financial crisis.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, March 17 2022. 19:34 IST