Turkey Exim Bank to loan $350m

Under a new agreement the Turk Exim Bank will provide $350 million funds to implement development projects in Sri Lanka.

Accordingly, the proposal made by Ravi Karunanayake, Minister of Finance, to enter into the above agreement, was approved by the Cabinet of Ministers. The Memorandum of Understanding (MoU) is expected to attract new development partners and widen existing partnerships, which the Cabinet paper insisted is essential in strengthening the path of development. 

The MoU is proposed to be signed with the intention of strengthening the financial relationship with Turkey, which is an active member and the present Chairmen of G-20.