The resumption comes after the Official Creditor Committee (OCC) and Sri Lanka finalised the Memorandum of Understanding (MOU) on 26 June 2024.

This decision includes resuming disbursements, signing loan agreements, and moving forward with the bidding process for all ongoing Economic Development Cooperation Fund (EDCF) projects in Sri Lanka.

Korea Eximbank said this resumption will facilitate the restart of disbursements for construction projects already underway, including the Ruwanwella Water Supply Project.

This move marks a significant step in strengthening the longstanding ties between the Republic of Korea and Sri Lanka. It is expected to contribute towards the recovery and stabilisation of Sri Lanka’s economy while promoting sustainable growth