Sun, Jan 28, 2024
Sun, Jan 28, 2024
ITDC INIDA EPRESS/ ITDC NEWS: India on Tuesday extended its $1 billion credit line to Sri Lanka by another year to help the island nation hit hard by an unprecedented economic crisis procure much-needed food, medicine and other essential items.
An agreement was signed between the State Bank of India (SBI) and the Sri Lankan government for $1 billion credit facility in March last year. India extended the credit line to Sri Lanka at the height of the country's economic crisis.
"India reaffirms its commitment to the people of Sri Lanka. The Amendment Agreement signed in presence of Honourable Minister @ShehanSema today will enable Sri Lanka to use the $1 billion Indian credit facility for the procurement of medicine, food, and other essentials for one more year," the Indian High Commission in Sri Lanka tweeted.
"Beyond the original duration, that is, till March 2024. The facility was extended by India through @TheOfficialSBI in response to a specific request from GOSL and forms a part of the multi-pronged assistance of $4 billion provided by India last year," it said.
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