Written by Staff Writer
03 Mar, 2018 | 10:16 pm
COLOMBO (News 1st) – Korean Exim Bank states that once Sri Lanka reaches Higher Middle-income status, the country will no longer be eligible for concessionary loans under their program.
Furthermore, the bank approved its first Economic Development Cooperation Fund – Official Development Assistance project for Sri Lanka in 1990, for the rehabilitation of the Colombo-Galle road.
As of now, it has approved USD 785.07 million for 29 development projects in Sri Lanka.
According to Chief Representative Officer of Korean Eximbank Sung Soo Jung, the bank has worked with the Sri Lankan Government to develop the Sri Lankan economy.
“At that time we need to consider if we are to retreat to Sri Lanka or maybe it’s based on the trade volume and investments which are the main areas we are working for.” – Sungsoo Jung
In terms of the loan amounts committed from EDCF, Sri Lanka is ranked at fifth place among all 54 eligible countries.
From this total EDCF commitment of 785.07 million USD, 385 million USD has been allocated to transportation sector.
The second most prominent sector in terms of fund allocation is water and sanitation which is $205 million (US).
Earlier this year, new EDCF Framework Arrangement was signed between the two countries increasing the earlier total EDCF funding amount of 300 million USD up to 500 million USD for the years 2017 and 2019.
In addition, the Korea International Cooperation Agency announced its total assistance to Sri Lanka since 1987 to 2016 was just over 734 Million US Dollars.
Sri Lanka will no longer be eligible for concessionary loans – Korea Eximbank#lka #News1st #KoreaEximbank #SriLanka #Economy
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