February 28, 2023 1:54 PM

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IFC agrees to provide 400 million dollar swap facility to 3 banks in Sri Lanka

Washington-based International Finance Corporation, IFC has agreed to provide 400 million dollar swap facility to three banks in Sri Lanka for trade financing.<br />'' <br />'' Commercial Bank of Ceylon, Sampath Bank and Nations Trust Bank will get the money to help import food, medicine and fertilizers.<br />'' <br />'' IFC's cross-currency swap facility will help Sri Lanka to obtain critical forex liquidity, to support the private sector and encourage longer term funding flows to the market.<br />''Sri Lanka has been facing severe forex shortages since 2022 after the central bank printed money for two years. 

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