June 26, 2022
1 min read

India unlikely to offer more LOCs to Lanka

It was unlikely that more credit lines are to be secured from India for fuel, even though there could be a $1 billion swap but not for oil…reports Asian Lite News

Instead of offering more credit lines, India is pushing for quicker implementation of its projects in Sri Lanka, a media report said on Sunday.

This had been stressed by the four-member Indian delegation led by Foreign Secretary Vinay Kwatra during its discussion with President Gotabaya Rajapaksa, Prime Minister Ranil Wickremesinghe and other senior officials in Colombo on June 23.

In its report, the Sunday Times said that the Mannar-Pooneryn wind power plants granted to Adani Green Energy Limited, the West Container Terminal in which Adani Ports has a controlling stake; and the proposed joint venture solar power plant in Sampur with India’s National Thermal Power Corporation are among the projects New Delhi was keen to fast-track.

According to the newspaper, it was unlikely that more credit lines are to be secured from India for fuel, even though there could be a $1 billion swap but not for oil.

India was also facing difficulties in procuring oil supplies, it added.

Following the meeting on June 23, the Indian High Commission in Colombo said in a statement: “Both sides had a productive exchange of views on the current economic situation in Sri Lanka as well as India’s ongoing support. In the meeting with Prime Minister Ranil Wickremesinghe, the two sides had an in-depth discussion on the Sri Lankan economy and efforts undertaken by the Government of Sri Lanka towards achieving economic recovery.

“In this context, both sides highlighted the importance of promoting India-Sri Lanka investment partnership including in the fields of infrastructure, connectivity, renewable energy and deepening economic linkages between the two countries.”

While speaking to President Rajapaksa, Foreign Secretary Kwatra had assured that India, as a close friend, would extend its fullest support to Sri Lanka in overcoming the difficult situation, the statement added.

ALSO READ: UK, India to set joint Commonwealth Diplomatic Academyg India

Previous Story

India loses to USA in WU23 3-Nation tournament

Next Story

Taliban hopeful of int’l recognition

Latest from -Top News

Ramaphosa gains from US showdown

South African President’s conduct with Trump reminded South Africans of his diplomatic pedigree, and of his importance to the country’s rules-based order South Africa’s President Cyril Ramaphosa and his delegation went to

Armed gangs kill dozens in Nigeria

A local state governor said “scores” of people had been killed in the attacks, which also saw homes and properties destroyed. Northeast Nigeria has been gripped by a deadly wave of violence

Children die as USAID aid cuts snap a lifeline

Trump administration cut more than 90% of USAID’s foreign aid contracts and $60 billion in overall assistance around the world. Programs serving children were hit hard Under the dappled light of a
Go toTop

Don't Miss

Lankan general’s Moscow visit cements defence ties

The Sri Lankan army chief also discussed regional security issues

WFP worried about food security in Lanka

An emergency programme is being set up to help 3.4