COLOMBO, 27 July — The Saudi Development Fund has signed an SR45 million loan agreement with Sri Lanka.
The signing ceremony yesterday in Colombo was attended by a number of senior Sri Lankan officials, SPA reported.
During his recent visit to Saudi Arabia, Sri Lankan Minister of Commerce and Consumer Affairs Ravi Karunanayake had sought the Kingdom’s continued support for Sri Lanka’s economic recovery. He also wanted Jeddah to be made online once again for the country’s national carrier, Sri Lankan Airlines in view of the growing Umrah traffic from the island. In his talks with officials and Saudi businessmen he stressed his country’s need for overseas investments. During a meeting with Riyadh Chamber of Commerce he identified 25 potential Saudi investors keen to invest in Sri Lanka. They showed interest in tourism, textiles, agriculture and other areas Colombo is projecting for foreign investment.
The two countries are expected to ratify soon in Colombo an agreement to avoid double taxation. According to latest statistics, Saudi exports to Sri Lanka stood at SR404 million, while imports from Sri Lanka were worth SR 128 million.
Saudi Arabia is home to an estimated 300,000 Sri Lankan expatriates.
