EmerioBanque

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.”





Other news

Exchange Rates

Currency Buy Sell
EUR USD 1.06 1.10
EUR GBP 0.86 0.89
EUR CHF 1.02 1.06
EUR AUD 1.72 1.70
EUR JPY 116.08 116.56
EUR MYR 4.50 4.77
EUR SGD 1.53 1.57
EUR HKD 8.27 8.53
EUR CAD 1.54 53.84
EUR DKK 9.75 1.55

Most Recent Blogs View All Blogs

19 Sep

Free Trade Agreements: A Path to Prosperity and Cooperation

Free Trade Agreements usually are the formal pacts which are between the two or other countries to e...

14 Sep

India's G20 Legacy: A Comprehensive Assessment of Achievements

India's G20 presidency, an important international forum, has gained praise for its capacity to brin...

08 Sep

Kickstarting The Global Economy – How Financing Can Help

If we talk about the global economy then it has experienced its share of fluctuations, but the recen...

Disclaimer

Emerio Banque is an innovative global financial institution incorporated in England and Wales with Legal Entity Identifier 875500DGPPWAFABBK130. Emerio Banque does not offer its products and services to businesses and/or persons registered in the United Kingdom.

No information on this website should be construed as a solicitation, offer, recommendation, and representation of suitability or endorsement of any security, investment or strategy.

Important Notice

Emerio Banque would like to advise its customers to report any suspicions which they may have regarding the identity of any intermediary who promotes products or services offered by us or any intermediary bearing similar names. You should verify with Emerio Banque by calling our Customer Service Number on +44 203 059 7831 or emailing help@emeriobanque.com

Please also be aware of bogus SMS messages and voice message calls or fraudsters who impersonate the staff of Emerio Banque.

We have recently become aware of a number of entities with different names misrepresenting themselves as associates, partners or agents of Emerio Banque.

Please be informed that Emerio Banque is not associated with nor do we have any business connections or dealings with such institutions.

Emerio Banque takes all information regarding suspicious fraudulent activity very seriously. Please immediately inform us at compliance@emeriobanque.com if you suspect or are approached by persons misrepresenting or impersonating Emerio Banque and/or its officials. We will make investigations and will take legal action where necessary.