Sri Lanka Exporters hail Commonwealth over assistance for proposed EXIM Bank


Mar 24, 2016 (LBO) –  Sri Lanka’s Exporters Association (EASL) has welcomes the recent announcement that the Commonwealth Secretariat has offered technical assistance to set up the proposed EXIM Bank, a statement said.

“The EASL believes that the support, advice and intervention that becomes possible by a Bank dedicated to Exports, will be the fillip to give Exporters confidence to venture beyond borders,” it said.

The facility as was proposed through the Budget 2015.

“The EASL articulated this need for many years. Its considered opinion is that without this facility, growth of Exports has been, and will continue to be, constrained,” the statement said.

“When comparing the performance of Sri Lanka with its South Asian neighbours like India and Korea, it is evident that the lack of the level of export support such those provided by an EXIM bank, has precluded Sri Lanka from achieving its growth potential.”

It says, innovative finance Instruments, exercises such as undertaking due diligence appraisals on credit worthiness of a prospective Buyer, a guarantee of repatriation of funds from an EXIM Bank and even focused capital funding, are just a few of the benefits that would accrue to the Exporter when venturing into new markets.

The EASL pledges its support to enable all Agencies involved in making this initiative a reality.