Türk Exim Bank to allocate USD350mn credit line to Sri Lanka


June 16, 2016 (LBO) – Türk Exim Bank is to allocate a credit line of 350 million US dollars to the Sri Lankan government with a view to further enhancing relations through financial cooperation.

A MoU between Sri Lanka and Turkey will be signed in the near future in this regard, the Foreign Minister Mangala Samaraweera, delivering remarks following bilateral talks with Turkish Foreign Minister, said.

Two Foreign Ministers have also discussed the possibilities of closer economic cooperation which aims at increasing the trade turnover in the coming years.

Economic and technical cooperation between the two countries have been strengthened by the signing of the Agreement on Economic and Technical Cooperation, which came into effect in 2007.

“We will soon hold the second meeting of the Sri Lanka-Turkey Joint Committee on Economic and Technical Cooperation,” Samaraweera said.

“I am confident that regular high level interactions at all levels will certainly pave the way for a stronger relationship between Turkey and Sri Lanka.”

Turkey has also undertaken a housing project in Mannar and has built 100 houses as a first stage at an estimated cost of 300,000 US dollars being implemented by the Organization for Habitation and Resources Development.

The Turkey International Cooperation Agency has expressed willingness to finance priority projects and capacity building programmes under their grant assistance in accordance with the Sri Lanka Development Framework.