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* Exim Bank of India extends US$ 403 million Buyer's Credit to Sri Lanka for projects in the water sector
Wed, Mar 9, 2016, 07:14 pm SL Time, ColomboPage News Desk, Sri Lanka.

Mar 09, Colombo: Export-Import Bank of India (Exim Bank) on March 08, 2016 signed Buyer's Credit Agreements, under National Export Insurance Account (BC-NEIA) amounting to US$ 403.01 million with National Water Supply and Drainage Board (NWSDB) of Sri Lanka in Colombo, for financing three water supply projects.

The three projects are (a) Aluthgama, Mathugama and Agalawatta Integrated Water Supply Project; (b) Polgahawela, Pothuhera and Alawwa Integrated Water Supply Project; and (c) Kundesale, Haragama Water Supply Project.

The agreements were signed by Chairman and Managing Director (CMD) of Exim Bank Yaduvendra Mathur and Chairman of NWSDB Kuddoos Alahudeen Ansar, and Vice Chairman Mohamed Shafeek Rajabdeen in the presence of Minister of City Planning and Water Supply of Sri Lanka, Rauf Hakeem, High Commissioner of India, Y.K. Sinha and senior officials of the Government of Sri Lanka.

Speaking on the occasion, Minister Rauf Hakeem expressed satisfaction at the conclusion of these agreements and thanked the Government of India for financing the three water supply projects, adding that the projects would supply potable water to nearly one million people.

CMD of EXIM Bank thanked the High Commission for facilitating the conclusion of these Buyer's Credit agreements and reiterated EXIM Bank's commitment to finance further projects in Sri Lanka.

Under the Buyer's Credit portfolio, EXIM Bank has already extended credit amounting to nearly US$ 185 million to Sri Lanka for water supply and other projects.

The Buyer's Credit Scheme of India is a unique financing mechanism that provides a safe mode of nonrecourse financing option to Indian exporters and serves as an effective market entry tool to traditional as well as new markets in developing countries, which need deferred credit on medium or long term basis.

 


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