Export-Import Bank of India (Exim Bank) has extended a Line of Credit (LOC) of $45.27 million to the Government of Sri Lanka for financing rehabilitation of Kankesanthurai (KKS) Harbor.
The agreement was signed in New Delhi on Wednesday, January 10, by Mr. David Rasquinha, Managing Director, on behalf of Exim Bank and Dr. R. H. S. Samaratunga, Secretary, Ministry of Finance & Mass Media, on behalf of the Government of Sri Lanka.
The funding will be used for the remaining two phases involving works relating to the rehabilitation of the breakwater and existing pier, construction of a new pier for commercial cargo handling, installation of port infrastructure facilities, etc.
According to the official statement, this development project would make Kankesanthurai Harbor a full-fledged commercial port, further strengthening Sri Lanka’s efforts to become a regional maritime hub.
With the signing of this LOC agreement, Exim Bank, till date, has extended seven Lines of Credit to the Government of Sri Lanka, on behalf of the Government of India, taking the total value of LOCs extended to $1,429.43 million.