Sri Lanka is to sign a Memorandum of Understanding (MoU) with Turkey’s Export-Import (Exim) Bank for a US $ 350 mn credit facility. The Cabinet has given its approval to Finance Minister Ravi Karunanayake to proceed with it
Turkey is an active member of the G20, an association consisting of 20 major economies in the world.
Unlike foreign aid, export import bank finance is provided at rates closer to commercial terms. In recent years, China Exim Bank has become a larger financier of roads and power projects in Sri Lanka.
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