Sri Lanka to begin work on an Export-Import Bank
The Minister told Parliament there was a need for such a bank in Sri Lanka and it will be setup in Sri Lanka as a partnership between the Government and the industry.
He said that work on establishing an Exim bank in Sri Lanka will begin next year.
An Exim bank is a Government or semi-Government agency which commonly provides insurance cover to exporters against losses from non-payment by the importers, as a means to promote the country’s foreign trade.
Other services offered by EXIM banks may include marine insurance, post-shipment discounting of invoices, pre-shipment advances against confirmed orders, and help in finding new markets. (Colombo Gazette)