Mahinda to firm up $ 450 m funding with India

Tuesday, 4 February 2020 01:16 - - {{hitsCtrl.values.hits}}

Implementation agenda of $ 400 m line of credit to be finalised during Prime Minister’s visit to India
First State visit by PM since his appointment starts on Friday
$ 400 m line of credit for infrastructure offered by Modi during President’s visit in Nov. while $ 50 m for security
Talks on trade, defence and tourism with top Indian officials during visit
Delegations expected to discuss key areas under defence and maritime security
MR to also visit Varanasi, Sarnath, Bodhgaya and Tirupati

Sri Lanka and India are expected to finalise the implementation agenda for a $ 450 million line of credit offered by the latter during the visit of Prime Minister and Finance Minister Mahinda Rajapaksa to New Delhi this week.

The Prime Minister’s Office said yesterday that the line of credit was announced by Indian Prime Minister Narendra Modi when President Gotabaya Rajapaksa undertook a State visit to India in November shortly after being elected President. It was Rajapaksa’s first State visit. The bulk of the line of credit, $ 400 million, will be for infrastructure projects while $50 million will be given as a grant for Sri Lanka to fund security needs including resources needed to fight terrorism.

Prime Minister and Finance Minister Mahinda Rajapaksa

“During the State visit of President Gotabaya Rajapaksa in November last year, Prime Minister Modi announced a $ 400 million fresh line of credit to Sri Lanka. The two countries are expected to finalise the implementation agenda during this forthcoming visit of Prime Minister Rajapaksa,” the statement released from the Prime Minister’s Office said.

Prime Minister Rajapaksa’s State visit to India will be from 7-11 February on an invitation extended by the India Prime Minister Narendra Modi. This visit will be the first overseas visit undertaken by Prime Minister Rajapaksa after the assumption of his duties as the Prime Minister of Sri Lanka in November 2019.

“During the visit, Prime Minister Rajapaksa will have high-level bilateral meetings with Prime Minister Modi, President Ram Nath Kovind, External Affairs Minister Dr. Subrahmanyam Jaishankar and other senior Government officials. The scheduled meetings will build on the strong relationship that already exists between the two countries and include discussions on politics, trade, development, defence, culture and tourism, among others,” the statement added.

In addition to that, follow-up discussions on the Indian assistance to enhance training opportunities for Sri Lanka are expected in the fields of vocational training and training of the public services.

With the aim of enhancing engagement in sub-regional maritime security cooperation, the two delegations are expected to discuss key areas under the defence and maritime security initiatives that include the Sri Lanka-India Annual Defense Dialogue and the Trilateral Maritime Security Cooperation with India and Maldives.

In light of the deep historical, cultural and religious relations, the two sides will also pay attention to strengthening people-to-people contacts by expanding aviation links to the sacred Buddhist sites in India, including the ‘Sanchi Buddhist Complex’ in Madhya Pradesh.

Following his high-level engagements, Prime Minister Rajapaksa is scheduled to visit several historic religious sites including, Varanasi, Sarnath, Bodhgaya and Tirupati.