Doha Bank Hosted a Meeting for Srilankan Delegation

General

Doha Bank had a meeting with the Srilankan delegation headed by Hon. Ajith Nivard Cabraal, Member of Parliament of Sri Lanka, State Minister of Money & Capital Market and State Enterprise Reforms and Mr. N W G R D Nanayakkara, Deputy Governor of the Central Bank of Sri Lanka on 10th April 2021. The other dignitaries include H.E Mr. M Mafaz Mohideen, Ambassador of Sri Lanka to Qatar, Dr. Mohamed Z. M. Aazim, Superintendent of Public Debt Department, Central Bank of Sri Lanka, Dr. Chandranath Amarasekara Director of Economic Research, Central Bank of Sri Lanka.

Dr. R. Seetharaman, CEO of Doha Bank highlighted on key developments in Qatar which includes its recent LNG expansion plans. Qatar Petroleum (QP)’s North Field East Project (NFE) is expected to start production in the fourth quarter of 2025 .The NFE project represents the first phase of LNG expansion in the State of Qatar, while the second phase, referred to as the North Field South Project (NFS).With an expected production start date in 2027, the NFS project involves the construction of two additional mega LNG trains and associated offshore and onshore facilities. According to IMF April 2021, Qatar economy expected to grow by 2.4% in 2021.

Dr. R. Seetharaman gave insights on Srilankan economy. According to IMF April 2021, Srilankan economy expected to grow by 4% in 2021.Srilanka’s recent monetary policy has maintained low interest rates and policy rate at which money is injected overnight at 5.5 percent and the rate at which excess money is deposited at 4.5 percent. Srilankan fiscal policy for 2021 has a deficit of 8.9% of GDP. Srilanka Vision 2025 has given thrust on FDI and exports and to improve per-capita income.

Dr. R. Seetharaman highlighted on bilateral relationships between Srilanka and Qatar. He said “Sri Lanka has enjoyed close ties with Qatar, with over 120,000 Sri Lankans. There are more than 200 Srilankan companies established in partnership with Qatari side. Doha Bank entered into agreements with the four biggest Srilankan banks to facilitate the remittances from Qatar to Sri Lanka. Doha Bank also playing an important role to facilitate trade finance opportunities between Qatar and Srilanka and has seen a substantial growth in the past few months. Qatari businessmen should explore the huge investment opportunities in Sri Lanka and establish business partnerships and alliances with their Sri Lankan counterparts. Many Sri Lankan companies are looking to take part in Qatari projects and establish joint ventures in all sectors. Qatar Airways and SriLankan Airlines Announce Significant Codeshare Expansion in Dec 2019.”

Hon. State Minister Mr. Cabraal gave insight on investment opportunities in Srilanka. He said “Construction of new terminals, supporting logistic establishments, Ship building and repairing industries, Developing minor ports & connectivity, Expanding related leisure activities and Marine support industries are some of the areas which offers potential.”

Mr. N W G R D Nanayakkara, Deputy Governor of the Central Bank of Sri Lanka stated it was a fruitful tour with Qatar that has opened several avenues for Sri Lanka. Meetings with Dr. R. Seetharaman was very useful.

 

Source: Doha Bank