The Sri Lanka Export Credit Insurance Corporation (SLECIC) entered into a strategic partnership with Union Bank of Colombo PLC through the signing of the APARA Agreement on 13th May 2026, further strengthening financial support for Sri Lankans who is seeking overseas employment opportunities.

The agreement marks another important milestone in SLECIC’s commitment to empowering migrant workers through accessible and structured financial solutions that promote safe and dignified foreign employment.

Under this collaboration, SLECIC, through its APARA scheme, will provide a credit guarantee for Cost of Passage Advances extended by Union Bank against confirmed overseas employment offers. The facility is designed to support prospective migrant workers in meeting essential pre-departure expenses, including airfare, SLBFE registration fees, visa charges, medical examinations, and other migration-related costs.

The initiative aims to reduce the financial burden faced by individuals preparing for overseas employment while minimizing reliance on informal lending channels. By enabling access to formal financial assistance, the partnership is expected to strengthen financial inclusion and create sustainable opportunities for Sri Lankans seeking employment abroad.

The agreement signing ceremony was attended by the senior management teams of both from Union Bank and SLECIC. Officials from both institutions stated that the collaboration reflects a shared vision to promote safe foreign employment, improve financial accessibility, and contribute to Sri Lanka’s economic development through worker remittances and financial empowerment.