IFC agrees to provide 400 million dollar swap facility to 3 banks in Sri Lanka

IFC agrees to provide 400 million dollar swap facility to 3 banks in Sri Lanka

• Washington-based International Finance Corporation, IFC has agreed to provide 400 million dollar swap facility to three banks in Sri Lanka for trade financing.
• Commercial Bank of Ceylon, Sampath Bank and Nations Trust Bank will get the money to help import food, medicine and fertilizers.
• IFC’s cross-currency swap facility will help Sri Lanka to obtain critical forex liquidity, to support the private sector and encourage longer term funding flows to the market.
• Sri Lanka has been facing severe forex shortages since 2022 after the central bank printed money for two years.

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Published date : 01 Mar 2023 05:57PM