India signed an agreement to provide fresh assistance of 318 million US Dollar credit line to Sri Lanka on 06 June 2017 for the development of the railway sector in the country.The agreement was signed in Colombo amidst the presence of senior officials of Sri Lanka’s finance and transport ministries. The Indian side was represented by Managing Director of the Export- Import (EXIM) Bank of India David Rasquinha and Deputy High commissioner Arindam Bagchi.
1. India already provided four Lines of Credit for the development of railway sector in Sri Lanka through its EXIM Bank amounting to approximately USD 966 million.
2. These credit facilities have been utilized to improve the Southern and Northern railway lines and for the procurement of rolling stocks for the Sri Lanka Railways.
3. Presently Indian development assistance mainly focuses on improvement of infrastructure, livelihood development, education, healthcare, and capacity building.