SL signs $ 55 m financing deal from Indian EXIM Bank

Sri Lanka and India’s EXIM Bank yesterday signed the agreement for a $ 55 million financing to procure urea fertiliser. 

Finance Ministry Secretary M. Siriwardena signed the agreement with the EXIM Bank of India.

The Government requested a credit facility from the Government of India for the importation of Urea Fertiliser of 65,000 tons to cater the immediate requirement of Urea fertiliser demand during the Yala cultivation season. In response to the request, Government of India agreed to offer a Dollar Credit Line amounting to $ 55 million for procurement of Urea fertiliser from India.

The signing of the agreement was overseen by Prime Minister Ranil Wickremesinghe, Agriculture Minister Mahinda Amaraweera and Indian High Commissioner Gopal Baglay.

The Prime Minister has previously indicated that ensuring food security for the populace was his priority as the country is facing grave shortages of essential food items. This credit facility could help to ensure the availability of Urea for the upcoming Yala season.