India and Sri Lanka sign US$ 1 billion credit line deal

India and Sri Lanka sign US$ 1 billion credit line deal

India and Sri Lanka today signed a US$ 1 billion credit line deal, the Indian External Affairs Ministry said.

The agreement was signed during the visit to New Delhi by Finance Minister Basil Rajapaksa.

“Neighborhood first. India stands with Sri Lanka. US$ 1 billion credit line signed for supply of essential commodities. Key element of the package of support extended by India,” Indian External Affairs Minister Dr. S. Jaishankar tweeted.

The 1 billion USD Line of Credit is to purchase essential items, which is part of the four-pillar bilateral economic cooperation concept.

Progress in this regard was last reviewed at a virtual meeting between Finance Minister Basil Rajapaksa and External Affairs Minister of India Dr. S. Jaishankar on 18 January 2022.

Finance Minister Basil Rajapaksa had yesterday briefed Indian Prime Minister Narendra Modi on the economic crisis in Sri Lanka.

The Indian External Affairs Ministry said that Rajapaksa briefed the Prime Minister on initiatives being taken by both countries to increase bilateral economic cooperation, and conveyed his thanks for the support extended by India for the Sri Lankan economy.

The Prime Minister spoke about the central role that Sri Lanka occupies in India’s ‘Neighbourhood First’ policy and its S.A.G.A.R (Security and Growth for all in the Region) doctrine. He reiterated that India would continue to stand with the friendly people of Sri Lanka. (Colombo Gazette)

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