India Offers Sri Lanka $400 Million to Develop Infrastructure
India and Sri Lanka also agreed to utilize an existing credit line of $100 million to develop solar power projects in Sri Lanka.
(Bloomberg) -- India today offered Sri Lanka a new $400 million line of credit to fund infrastructure projects in the neighboring nation, Prime Minister Narendra Modi said.
The line of credit is in addition to another $50 million offered by India to help Sri Lanka strengthen security against terrorist attacks, Modi announced after meeting President Gotabaya Rajapaksa in New Delhi On Friday. The two countries also agreed to utilize an existing credit line of $100 million to develop solar power projects in Sri Lanka.
Rajapaksais in India on Friday for his first state visit overseas since taking office as Sri Lanka’s president earlier this month.
To contact the reporter on this story: Archana Chaudhary in New Delhi at achaudhary2@bloomberg.net
To contact the editors responsible for this story: Ruth Pollard at rpollard2@bloomberg.net, Muneeza Naqvi, Tuhin Kar
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