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* India offers a credit line of USD 500 mn to Sri Lanka for purchase of fuel
Tue, Jan 18, 2022, 09:00 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 18, Colombo: India has offered a new Line of Credit (LOC) of USD 500 million to Sri Lanka for purchase of petroleum products.

Indian External Affairs Minister Dr. S. Jaishankar extended this critical support in his letter addressed to the Foreign Minister of Sri Lanka, Prof. G.L. Peiris, the High Commission of India in Colombo said in a release Tuesday.

The support comes following the detailed virtual meeting held in a landmark development on January 15, 2022 between the External Affairs Minister Dr. S. Jaishankar and Sri Lankan Minister of Finance, Basil Rajapaksa, where they discussed various aspects of robust economic partnership between the two countries.

Early operationalization of the LOC will help realize one of the four pillars of economic cooperation identified during the visit of Minister of Finance, Basil Rajapaksa to India in December 2021, the High Commission said.

Recently India had extended foreign exchange support of over USD 900 million to Sri Lanka. These measures are in line with India’s commitment to stand with Sri Lanka, contribute to Sri Lanka’s economic growth and impart greater momentum to bilateral economic and commercial partnership.

 

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