India fires $ 966-mn in Sri Lanka’s infra

    Sri Lanka’s infra
    In order to improve the southern and northern railway lines and for the procurement of rolling stocks for the Sri Lanka Railways, India has recently has provided $966 million four lines of credit to Sri Lanka to develop its railway infrastructure. It may be recalled that India had signed an agreement with Sri Lanka to develop the island nation‘s railway sector. The agreement was signed by Secretary, Ministry of Finance and Mass media, RHS Samaratunga and managing director of India‘s Export-Import Bank in Colombo, David Rasquinha. It may be recalled that during his first visit to Sri Lanka as prime minister in 2015, Indian PM had declared a line of credit of USD 318 million for the development of Sri Lanka‘s railway sector. Sri Lanka‘s Ministry of Transport has said that improving passenger transportation facilities is urgently required to attract passengers towards railways which is cost-effective and that India has been Sri Lanka‘s major development partner in the South Asian region for more than 40 years.
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