5 March, 2023
The International Finance Corporation (IFC) provided a USD 400 mn currency swap facility to three local banks, Commercial Bank of Ceylon (CBC), Nations Trust Bank (NTB), and Sampath Bank to ensure the import of essential goods.
The facility will further support the banks financing of exports of goods and services for their clients while allowing them to make USD-denominated debt repayments. This new swap facility follows the reactivation of trade finance lines with IFC partner banks, under the Global Trade Finance Program in January 2023, which have been cautiously managing their risks in a challenging operating environment.