The money will be used to finance the Bank’s short term funding requirements and trade finance related needs.
The syndicated loan has been arranged by Dubai based Mashreqbank Bank and has seen 13 overseas banks subscribing to the deal.
Among them ranks banks such as, Commercial Bank of Qatar, Doha Bank, Indian Bank and Bank Muscat etc.
Mashreqbank of Dubai were involved in arranging two more syndicated loans for the BOC during the last year, amounting to a value of US$ 175 and 140 million, respectively.
“With this syndication, the powerful strategic relationship between Mashreqbank and BOC would further be enhanced opening the path for successful future dealings” added the BOC in a statement issued announcing the latest deal.
John Iossofidis, Head of International Banking Group of Mashreqbank, BOC Chairman Dr Gamini Wickramasinghe, General Manager of the BOC K Dharmasiri, Deputy General Manager, International and Treasury of the BOC P A Lionel, S.M.S.C.J ayasuriya- Assistant General Manager (Treasury) of BOC were present when the two parties signed the deal in Colombo.