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India offers USD 400mn credit line

Indian Prime Minister Narendra Modi announced a USD 400 million line of credit to Sri Lanka to fund infrastructure projects in the island.

An additional USD 50 million was also offered to “strengthen security against terrorist attacks,” a press release issued by the Presidential Secretariat said.

The two countries also agreed to utilise an existing credit line of USD 100 million to develop solar power projects in Sri Lanka.

Modi also expressed hope that Sri Lanka’s process of post-war reconciliation will continue unabated, as well as development in the North and East will take place.

His remarks came after meeting President Gotabaya Rajapaksa in New Delhi today.

President Gotabaya Rajapaksa with Indian President Ram Nath Kovind and Prime Minister Narendra Modi at the Rashtrapati Bhavan in New Delhi on 29 Nov/ PMD handout

Speaking to Media after meeting Modi, President Rajapaksa said that security of both countries was the most important topic that was discussed between the two leaders.

He thanked the Prime Minister for the offer of funds to strengthen the intelligence capabilities of Sri Lanka to counter terrorism.

He also said the two leaders discussed “at length” the issue of Indian trawlers entering Sri Lankan waters and promised to return the Indian boats detained by Sri Lanka.

The two leaders held talks at the end of a whirlwind trip for the Sri Lankan President during which he held meetings with Indian President Ram Nath Kovind and Foreign Minister S Jaishankar.

Modi made these announcements in New Delhi today in the company of President Rajapaksa who is on his first official trip overseas.

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