India to lend Sri Lanka $400m to develop infrastructure

Mubasher: India’s Prime Minister Narendra Modi on Friday said that New Delhi will lend Sri Lanka a $400 million line of credit to finance infrastructure projects, according to Reuters.

India would extend $50 million in loan for Sri Lanka, for its security needs, along with $400 million for developing infrastructure, Premier Modi said.

“India is fully committed to the development of Sri Lanka,” Modi was quoted by Reuters.

Modi’s announcement came after talks with the Asian nation’s new president Gotabaya Rajapaksa, who was in a visit to India after a sweeping election victory earlier this month.

President Rajapaksa said he is willing to take bilateral relations with India to a “very high level.”

Source: Mubasher Source: {{details.article.source}}