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The Exporters Association of Sri Lanka (EASL) last week said it welcomed the recent announcement that the Commonwealth Secretariat has offered technical assistance towards the Government’s initiative to set up the proposed EXIM Bank facility as was declared in the recent Budget.

“The EASL articulated this need for many years.  Its considered opinion is that without this facility, growth of Exports has been, and will continue to be,   constrained.  When comparing the performance of Sri Lanka with its   South Asian neighbours like India and Korea, it is evident that the lack of  the level of export support  such those provided by an EXIM bank,  has precluded Sri Lanka from achieving its growth potential,” the Association said in a statement.

The statement noted that innovative finance Instruments,  exercises such as undertaking due diligence appraisals  on credit worthiness of a prospective Buyer,  a guarantee of repatriation of funds  from an EXIM  Bank and even focussed  capital funding, are just a few of the benefits that would accrue to the Exporter when venturing into new markets.

“The EASL believes that the support, advice and intervention that becomes possible by a Bank dedicated to Exports, will be the fillip to give Exporters confidence to venture beyond   borders perceived by them when addressing the risk element encountered in new opportunities.  The EASL pledges its support to enable all Agencies involved in making this initiative a reality,” it added.