HSBC and Sampath for US$100mn loan for Sri Lanka Telecom

U.S. Ambassador Julie Chung alongside officials from the Sri Lanka Ports Authority, Sri Lanka Customs, Sri Lanka Atomic Energy Board, the Colombo West International Terminal and the U.S. Department of Energy

Feb 28, 2014 (LBO) - HSBC said it had lead-arranged a 100 million US dollar 5-year loan for Sri Lanka Telecom (SLT) with the participation of Colombo-based Sampath Bank.

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Sampath Bank managing director Aravida Perera was quoted as saying in addition to taking part in syndicated finance for SLT, the bank has also provided services such as internet payment gateways to the firm's clients.

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The funds will be used to upgrade telecom infrastructure at SLT, which has the island's sole wireline network, a mobile firm, pay television in addition to operating a fibre optic backbone network.

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"..[W]e hope this will further strengthen our relationship and steer SLT towards achieving their development objectives for the benefit of the country," chief executive of HSBC Sri Lanka Patrick J Gallagher said.