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The German government has pledged 10,225,838 euro (Rs. 920 million) for three credit lines to the National Development Bank (NDB) and DFCC Bank under the German-Sri Lanka Financial Cooperation.

The first credit line (DFCC-IV) of 2,556,459 euro will be used by DFCC Bank to refinance export-oriented industries which are exploring new export opportunities to enter the Indian market and also to fund infrastructure development projects in the telecommunication and power sectors.

The second and third credit lines (NDB-V and NDB-VI) amounting to 5,112,919 euro and 2,556,460 euro respectively will be channelled through NDB to supplement long-term refinancing requirements for modernising industry and commerce, and refinancing investments of small and micro industries.

The German government has extended the credit line to support financing of the foreign exchange component of investments of Sri Lankan enterprises and thereby it is expected to strengthen their economic viability and create more employment opportunities in the country. The Financial Cooperation Agreement was signed at the Ministry of Finance. Charitha Ratwatte, Secretary to the Ministry of Finance and Ministry of Policy Development and Implementation and Jurgen Elias, Ambassador for Germany in Sri Lanka signed the agreement.

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