News
World Bank’s IFC to provide Lanka with $400 mn financing
The World Bank’s investment arm, International Finance Corporation (IFC), has said it will provide Sri Lanka a $400 million cross-currency swap facility to help fund essential imports, agency reports said.
Three private banks, which together deal with over 30% of Sri Lanka’s remittances and exports, will receive the facility to fund essential imports, including medicine, food and fertiliser, the IFC said in a statement on Monday (27).
The funds will provide a much needed foreign exchange cushion for Sri Lanka, which is grappling with its worst financial crisis, in over seven decades, partly triggered by a severe shortage of dollars.
“We expect this financing to boost confidence in the investor community, attract fresh capital inflows to support the Sri Lankan economy,” said Joon Young Park, IFC’s Portfolio Manager, Financial Institutions Group for South Asia.
IFC is also working on further plans to support client banks with other long-term funding and advisory services in the future, the statement added.
The official welcoming ceremony for Indian Prime Minister Narendra Modi, was held this morning (05) at the Independence Square in Colombo.
On arrival at the Independence Square the Indian Prime Minister was warmly welcomed by President Anura Kumara Disanayake.
The Indian Naval Ship (INS) Sahyadri arrived at the Port of Colombo on a formal visit on Friday [04 Apr 25]. The visiting ship was welcomed by the Sri Lanka Navy in compliance with naval traditions.
INS Sahyadri is a 143m long Frigate manned by a crew of 320 and the ship is commanded by Captain Rajat Kumar.
During their visit to the crew of INS Sahyadri will participate in events hosted by the Sri Lanka Navy, aimed to strengthen bilateral ties. They will also visit several tourist hotspots across the country.
Concluding the visit, INS Sahyadri is scheduled to set sail from Colombo on 07 Apr
Japan Maritime Self-Defence Force (JMSDF) BUNGO and ETAJIMA which arrived in Sri Lanka on a goodwill visit on 01 Apr 25, departed the island on Friday [04 Apr].
The Sri Lanka Navy bade customary farewell to the departing ships at the Port of Colombo, following naval traditions. Upon leaving, the duo of ships engaged in a successful Passage Exercise (PASSEX) with SLNS Vijayabahu. The PASSEX involved training exercises in communication and tactical maneuvering, concluding with the traditional cheer ship salute.
During their stay in Colombo, crew members of the JMSDF ships took part in several programmes organized by the Sri Lanka Navy, aimed at enhancing mutual cooperation. In addition, they also explored some tourist attractions in Colombo. Further, personnel of Sri Lanka Navy had the opportunity to visit JMSDF BUNGO and ETAJIMA, gaining insights into their operational capabilities.
The Commanding Officers of JMSDF BUNGO and ETAJIMA, Commander TANAKA Koji and Commander ODA Takayuki called on Commander Western Naval Area, and Director General Operations, on 01 Apr.
Indian PM receives warm welcome
INS Sahyadri arrives at Port of Colombo
JMSDF BUNGO and ETAJIMA depart island
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