Feb 18, 2020

SriLankan granted another USD 50 mn credit guarantee

SriLankan Airlines has been granted another credit guarantee of US dollars 50 million to enable it to continue its services without interruption.

Cabinet approval has been granted to issue these Letters of Credit guarantee by the Bank of Ceylon and the People’s Bank, Industrial Export, Investment Promotion, Tourism and Aviation Minister Prasanna Ranatunga said. In the past, 8 credit guarantee letters and two Treasury credit guarantees had been issued to SriLankan Airlines. Accordingly, the amount of dollar loans obtained by the Airline totalled 205.38 million US dollars. Rupee loans obtained by it totalled Rs.27.60 billion.

The Minister said the CoVID-19 epidemic which erupted recently also proved Sri Lanka’s need to maintain a national airline.