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SBI to provide $1 bn credit line to Sri Lanka for food, other essentials

SBI to provide $1 bn credit line to Sri Lanka for food, other essentials

Finance Minister Nirmala Sitharaman and External Affairs Minister S Jaishankar met Sri Lankan Finance Minister Basil Rajapaksa today.

State Bank of India State Bank of India

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.

Published on: Mar 17, 2022, 9:01 PM IST
Posted by: Mohammad Haaris Beg, Mar 17, 2022, 8:56 PM IST