Sri Lankan Banks Secures $400 Mn Financing From IFC

As per the latest news, the International Finance Corporation (IFC) is providing a cross-currency swap facility worth $400 million to three of Sri Lanka’s renowned national banks with the purpose to strengthen the country’s deteriorating economy in decades. Reports say that the country’s output is estimated to have decreased by 9.2% in 2022 and is expected to further decrease by 4.2% in 2023.

The above-mentioned facility is likely to uplift the private sector with critical financing and aid toward the country’s requirement to settle the economy. The banks who are benefited from this facility include Commercial Bank of Ceylon (CBC), Nations Trust Bank, and Sampath Bank which handle more than 30% of Sri Lanka’s remittances and exports.

This IFC facility will contribute to the import of essential goods, which are mostly traded in US dollars. It will also likewise handle the bank’s funding of the export of goods and services for their customers while permitting them to make US-dollars-denominated debt payments.

This cross-currency swap facility provided by the IFC follows the revival of trade finance lines with IFC-associated banks under the Global Trade Finance Program earlier this year. The initiative will enable CBC and Sampath Bank to upgrade access to medium and long-term finance for their clients, assisting local businesses to sustain activities. 

“Sri Lanka’s economy keeps on experiencing severe US Dollars financing restrictions. IFC’s cross-currency swap facility will offer critical forex liquidity, aiding the private sector and supporting longer-term financing flows to the market.” Joon Young Park, IFC's portfolio manager, the financial institution's group for South Asia stated. “We anticipate that this funding should help bring confidence in the venture community, and invite fresh capital inflows to aid the Sri Lankan economy. We are additionally working on our plans to help our client banks with other long-term financing and advisory services in the future.”

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