JSA advised and assisted State Bank of India, Gift City Branch (“SBI”) in connection with a sovereign loan for an amount of USD 1 billion (“Facility”) extended to the Government of Sri Lanka.
Sri Lanka is facing severe economic crisis triggered by shortage in their foreign exchange reserves. In view of this, the Government of India had previously announced that it will support Sri Lanka in all possible ways. Accordingly, the Government of India has extended various economic packages and undertaken humanitarian initiatives to help the neighbouring island nation in stabilizing its economy.
The Facility is a part of the above-mentioned initiatives and will be utilised by the Government of Sri Lanka for procurement of essential commodities, viz. food items, medicines, fuel, and industrial raw materials.
The Finance Minister of Sri Lanka, Sh. Basil Rajapaksa, who was on an official visit to India (around the same time), also conveyed his thanks to the Indian government for the support extended by India to Sri Lanka.
SBI was advised by Stephenson Harwood (Singapore) Alliance on the English law aspects and Nithya Partners on the Sri Lankan law aspects.
JSA team comprised Lead Partner – Dina Wadia, Partner – Nand Gopal Anand, Senior Associate – Harshit Dusad, Associate – Vrindesh Patel.
Dina specialises in Banking & Finance, Investment Funds, Financial Services, and Mergers & Cross Border Investments & Acquisitions.