The government and the Export Import Bank of India have signed a USD 500 million Line of Credit (LOC) agreement for the purchase of petroleum products.
The agreement was signed by Treasury Secretary SR Attygalle and Chief General Manager of EXIM Bank Gaurav Bhandari in the presence of Minister of Finance Basil Rajapaksa and the High Commissioner of India to Sri Lanka, Gopal Baglay.
The Indian High Commission in Colombo said, the Indian government’s support for fuel imports, through the LOC of USD 500 million comes following a virtual meeting between the External Affairs Minister of India and Minister Basil Rajapaksa in January.
It added as Sri Lanka’s closest neighbour and long-standing partner, India is committed to assisting Sri Lanka in its post-COVID economic recovery.
The High Commission said with the recent support, India’s overall development assistance to Sri Lanka stands at close to USD 4 billion.