November 05, 2024
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    Government secured USD 1 Billion Foreign Currency

    October 17, 2018

     

    The Government of Sri Lanka invited to submit proposals from international and domesticbanks and investment houses for a Foreign Currency Term Financing Facility (FCTFF)denominated in United State Dollar (USD) or Japanese Yen (JPY) or Euro or of theircombination up to a limit of USD 1,000 million in March 2018.

    Accordingly, four proposals were received from international and domestic banks and
    investment houses.
    Through a strict evaluation and negotiation process by a Cabinetappointed Steering Committee and Technical Evaluation Committee, the China Development
    Bank (CDB) was selected as the syndicate arranger based on least cost and longer maturityperiod given in its proposal submitted.
    Consequently, the Government of Sri Lanka secured USD 1,000 million from CDB under theFCTFF with a maturity period of eight years. The interest cost is highly competitive andlinked to 6 Month USD LIBOR with a grace period of three years.
    The repayment will be inequal semi-annual payments after the grace period. The resulting inflow increases the officialforeign reserves by USD 1,000 million.

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