Sri Lanka in deal to borrow US$350mn from Turk Exim Bank

ECONOMYNEXT – Sri Lanka’s cabinet of ministers had given the nod to sign a deal with Turk Exim Bank to borrow 350 million US dollars for capital projects, Minister Rajitha Senaratne said. Finance Minister Ravi Karunanayake had said that the deal with Turkey will diversify the sources of external finance. Unlike foreign aid, export import bank finance is provided at rates closer to commercial terms. In recent years, China Exim Bank has become a larger financier of roads and power projects in Sri Lanka.

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