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Lanka Orix Leasing Company Ltd. (LOLC) has become the first non-bank to be a Participative Credit Institution (PCI) for the Indian Line of Credit for which Bank of Ceylon acts as the apex bank. The agreements were signed recently by Sarath Silva, General Manager of Bank of Ceylon and Raj de Silva, Managing Director of LOLC.

The credit line which amounts to US$100 million was extended by the government of India to the Government of Sri Lanka to be disbursed over a period of three years. It facilitates the import of capital goods, consumer durables, food items and consultancy services from India. Ninety per cent of the FOB value of these goods will be funded by the Indian government at a concessionary rate.

"This transaction has further strengthened the relationship between LOLC and Bank of Ceylon where the bank was a founding shareholder and the biggest facility provider to LOLC", sources said.

LOLC expects to extend this facility to its current customer base which represents all sectors of the economy.

LOLC also became the first non-bank PCI in the Tea Development Project scheme funded by the Asian Development Bank. During the current financial year, LOLC also issued the first rated commercial paper to the Sri Lankan market and became the lender for the first share buying and lending transaction in the country. The company was also instrumental in issuing long-term floating rate notes during this period.

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