The Sri Lanka Export Credit Insurance Corporation (SLECIC) and the Bank of Ceylon (BOC) have reaffirmed their longstanding strategic alliance with the signing of a Memorandum of Understanding (MOU) on 30th March 2026, marking a significant milestone in their collaborative journey. This renewed partnership is set to deepen institutional synergies, with a strong strategic focus on advancing the APARA – Pre-Departure Guarantee Scheme.
Notably, SLECIC stands as the pioneering institution in Sri Lanka in issuing pre-departure guarantees, playing an innovative trailblazing role in introducing and developing this financial instrument. From its inception, SLECIC has remained closely engaged with migrant workers—understanding their needs, addressing their challenges, and providing tailored risk mitigation solutions—while working hand-in-hand with the Bank of Ceylon as its trusted partner from the very beginning to date.
Since formalizing their partnership in 2002, SLECIC and BOC have jointly facilitated pre-departure guarantees for nearly 30,000 Sri Lankan migrant workers, underscoring their pivotal role in supporting the country’s foreign employment sector. Through a combination of financial intermediation and structured risk management solutions, both institutions have consistently contributed to enhancing the financial security and global mobility of Sri Lanka’s migrant workforce.
Aligned with changing market needs, the newly signed MOU introduces a stronger and more practical framework to improve efficiency, expand reach, and deliver better value. This collaboration is expected to create new growth opportunities while strengthening support for migrant worker financing.
This strategic partnership presents a compelling win-win proposition. For BOC, it enhances portfolio diversification, strengthens credit risk management capabilities, and broadens its customer base within the foreign employment segment. For SLECIC, the initiative is assured to accelerate business volumes, deepen market penetration, and further strengthen its developmental mandate in supporting Sri Lanka’s foreign employment.
The signing ceremony was attended by the senior leadership of both institutions. Representing SLECIC were Prof. (Dr.) Aruna Shanthaarachchi, Chairman/Managing Director; Mr. M. R. U. I. Subasinghe, General Manager; Mr. Mohan Silva, Deputy General Manager (Operations); Ms. Shama Selvaratnam, Assistant General Manager (Marketing); Mr. Dulanka Pieris, Assistant Manager (Operations); and Ms. Dulakshi Saubhagya, Junior Manager (Marketing).
Representing the Bank of Ceylon were Mr. Kavinda de Zoysa, Chairman; Mr. Y. A. Jayathilaka, General Manager/CEO; Mr. G. A. Jayashantha, Deputy General Manager (International, Treasury & Investment); Ms. Rasika de Silva, Chief Manager (International); Ms. P. A. N. K. Panditharathne, Senior Manager (Foreign Circle); Mr. Eranga Herath (Foreign Circle); and Ms. Shalani Jayasuriya, Assistant Manager (Foreign Circle).
This renewed MOU reflects a forward-looking commitment by both institutions to foster financial inclusion, empower Sri Lankan migrant workers, and contribute meaningfully to national economic growth through sustainable, strategic collaboration.
