Bank of Ceylon opens new branch in Addu City before SAARC Summit

The Bank of Ceylon has announced that a new branch of the bank would be opened in Addu City, Maldives, before the upcoming SAARC Summit to be held in Addu City.

Sunday Observer, a Sri Lankan daily, reports on the authority of Dr. Vikrama Sinha, the Chairman of the Bank of Ceylon, that an appropriate site for construction of a building had been identified in Addu, and that construction would begin as soon as the Maldives Monetary Authority grants permission.

Sunday Observer also reported that the Lankan government had decided to construct a road in Addu as a token of Maldives-Sri Lanka friendship. This project would be, according to the Observer, contracted to a Lankan company which would begin the work soon.

Sunday Observer also reported that the Lankan government would start a loan scheme for local farmers to increase production of fruits and vegetables so that there would be surplus of these items for export to the Maldives. Observer said that 80% of fruits and vegetables imported to the Maldives used to come from Sri Lanka, although recently Thailand, Malaysia and India had become major suppliers of these items to the Maldives.