Bank of Ceylon to arrange US$500 million credit exposure
25 Jan 2014, 5:56 PM
The Sri Lankan government has agreed to provide a US$500 million credit exposure to the Maldives through the Bank of Ceylon (BoC), according to Maldives Development Alliance (MDA) Leader Ahmed ‘Sun Travel’ Shiyam Mohamed.
Briefing the press Thursday night on President Abdulla Yameen’s maiden state visit to Sri Lanka last week, the MP for Dhaalu Meedhoo revealed that the new administration had requested raising the credit exposure to US$1 billion to alleviate foreign currency exchange difficulties.
“They said they will arrange for US$500 million. So when that is arranged, God willing, it will make it very easy for us to [solve] our foreign exchange issues and that will benefit Maldivian citizens,” Shiyam said.
Along with the Jumhooree Party (JP) led by business tycoon Gasim Ibrahim, the MDA is a coalition partner of the Progressive Party of Maldives-led (PPM) government.
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