Categories: Business

Exim Bank extends a $500 million credit line to Sri Lanka

Export-Import Bank of India (Exim Bank) on behalf of the government of India, extended a line of credit of $500 million to the government of the socialist republic of Sri Lanka for financing the purchase of petroleum products. The fund will be used by the Island nation for the purchase of petroleum products. With the signing of this new LOC agreement, the total LOC extended by Exim Bank to Sri Lanka till date has reached 10, taking the total value of LOCs extended to USD 2.18 billion.

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With the signing of this LoC agreement, Exim Bank has now in place 276 lines of credit, covering 61 countries in Africa, Asia, Latin America and the Commonwealth of Independent States (CIS), with credit commitments of around $27.84 billion, available for financing exports from India. Besides promoting India’s exports, Exim Bank’s LoCs enable the demonstration of Indian expertise and project execution capabilities in emerging markets.

Current affairs 2022

Important takeaways for all competitive exams:

Export-Import Bank of India Founded: 1982;
Export-Import Bank of India Headquarters: Mumbai.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.