Press briefing of Cabinet Decision taken on 2015-12-16

Memorandum of Understanding (MoU) between the Ministry of Finance of Sri Lanka and Export Credit Bank of Turkey (TURK Exim Bank)

- In order to strengthen the journey towards country's development, it has become necessary to attract new development partners and enhance the number of existing development partners. Accordingly, with a view to strengthening the bilateral relationship between Sri Lanka and Turkey, which is an active member of G-20 group of developed countries and currently holds the presidency of that group, through financial cooperation, it has been proposed to sign a MoU between Sri Lanka and Export Credit Bank of Turkey. Under this MoU, the TURK Exim Bank will agree to provide a credit line in an amount of US$ 350 million for the implementation of priority development projects of the Government of Sri Lanka. Accordingly, the proposal made by Hon. Ravi Karunanayake, the Minister of Finance, to enter into relevant agreements, was approved by the Cabinet.