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US$ One Billion Credit Facility

An Agreement was signed between the Government of Sri Lanka and the State Bank of India on March 17, 2022 for a term loan facility of USD 1 billion for import of food, medicines and other essential items from India.
Contracts between importers in Sri Lanka and Indian exporters, eligible to be included under the facility, will be forwarded to the High Commission of India by the Government of Sri Lanka. With respect to Contracts under this facility, payments to Indian exporters will be made by the State Bank of India in Indian Rupees. Queries regarding imports to be affected as per the above procedure may be addressed to the relevant Sri Lankan authorities (Link : https://www.treasury.gov.lk/news/article/100 )