The Export Import Bank of India (Exim Bank) is looking to open a branch office in Sri Lanka, with an eye on making India’s aid model effective, official sources revealed.
Indian banking authorities are exploring this possibility following the signing of a US$ 500 million Line of Credit (LOC) agreement between the Exim Bank and Sri Lanka Finance Ministry for the purchase of petroleum products this week.
Exim Bank has so far extended 11 credit lines to Sri Lanka aggregating to over $2.12 billion and the bank is cautious and selective about its exposure to the island nation, a senior official who wished to remain anonymous told the Business Times.
A line of credit (LOC) is a financing mechanism through which Exim Bank of India extends support for export of projects, equipment, goods and services from India and it extends LOCs on its own and also at the request to the Indian government for support, he added. (Bandula)
The Committee on High Posts has approved the nomination of Former Air Force Commander Air Chief Marshal (Retd.)
A Sri Lankan man was apprehended at Suvarnabhumi airport for attempting to smuggle wildlife out of the country after three ball pythons were found hidden in his underwear, the Bangkok post reported.
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