W. Asian banks bullish on SL
Many foreign banks are eyeing Sri Lanka, positively to strike partnerships and extend credit lines, bankers said.
This is especially true for West Asian-based banks in Qatar, UAE, Saudi Arabia and also the US, one banker said. “This is true primarily for two reasons, one being that our banks are governed well, and the other being that there are certain knowledgeable high-ranking Sri Lankan officials in those banks,” he added.
Another banker noted that many banks participate in syndicated loans for Sri Lanka. “The way they know Sri Lanka now is not how they did a few years ago. There is a big Sri Lankan diaspora in West Asia. We also had US $ 8.1 billion inward remittances last year, which is significant,” he added.
At the ‘Invest Sri Lanka’ investor forums held in Dubai and Riyadh last month, senior Sri Lankan policymakers and market regulators aimed to reassure West Asian bankers and institutional investors about the country’s ongoing recovery despite recent challenges. Central Bank Governor Nandalal Weerasinghe emphasised that Sri Lanka is in a stronger position than before its 2022 sovereign default, urging the banking community to re-engage with Sri Lankan banks.
Banks such as Emirates NBD, Mashreq Bank, and First Gulf Bank have been part of continuing bilateral discussions. Some have proposed to open up credit lines with banks such as HNB, Sampath and Commercial, according to industry officials based on one-to-one discussions on the sidelines of the forum.
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