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, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.