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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » GREAT NEWS! Sri Lanka inks US$500mn deal with Korea Eximbank financing

GREAT NEWS! Sri Lanka inks US$500mn deal with Korea Eximbank financing

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ADVENTUS


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https://economynext.com/sri-lanka-inks-us500mn-deal-with-korea-eximbank-financing-81746/?utm_source=dlvr.it&utm_medium=twitter

ECONOMYNEXT – Sri Lanka has inked a deal to borrow 500 million US dollars from the Eximbank of Korea for projects from 2020 to 2022, at rock bottom interest rates, the Finance Ministry said.
Under a framework agreement signed on May 10, the Economic Development Cooperation Fund (EDCF) of the Export Import Bank of Korea (KEximbank) will provide loans of up to 40-year payback with 10-year grace at rates of 0.15 percent and 0.20 percent.
The Framework Arrangement was signed S R Attygalle, Secretary, Ministry of Finance Woonjin Jeong Ambassador of the Republic of Korea.
Sri Lanka and Korean had also agreed to continue the Korean Exim Bank Representative Office, which was set up in 2016 to implement the projects, the statement said.

Korea became an OECD country within 10 years of liberal reforms, including a central bank restraint was implemented after 1987. (Colombo/May10/2021)

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