BOC to ink deal with China Development Bank for US$ 140 mn facility

State-owned banking giant, Bank of Ceylon (BOC) and China Development Bank (CDB) are set to enter into a US$ 140 million long-term facility, where drawdown will be under tranches of US$ 70 million each.

The signing ceremony of the facility is scheduled to take place tomorrow.

BOC said the facility will provide much needed support during Sri Lanka’s fight against COVID-19.

Meanwhile, BOC last week announced the issuance of bonds with near characteristics to shares to bolster its additional Tier I capital by up to Rs.5.0 billion.