Sri Lanka and the EXIM Bank of India have signed an agreement to obtain a dollar credit line.
The agreement was signed by Secretary to the Ministry of Finance M Siriwardena on behalf of the government.
The government requested a credit facility from the Indian government for the importation of urea fertiliser of 65,000MT in order to cater to the immediate requirement of fertiliser for the Yala season.
The Prime Minister’s Media Division said in response to the request, the Indian government agreed to offer a dollar credit line amounting to USD 55 million for the procurement of urea fertiliser from India.
The signing was overseen by Prime Minister Ranil Wickremesinghe, Minister of Agriculture Mahinda Amaraweera and Indian High Commissioner to Sri Lanka Gopal Baglay.
Prime Minister Ranil Wickremesinghe previously indicated that ensuring food security is a priority as the country is facing grave shortages of essential food items.
The Media Division said the credit facility will help ensure the availability of urea for the upcoming Yala season.
