India extends USD 1 Billion Credit Line for Sri Lanka

COLOMBO (News 1st); Sri Lanka signed an agreement with India to extend the USD 1 Billion credit line to import essentials for a period of one year.

State Finance Minister Shehan Semasinghe said that the signing of the agreement to extend the US$ 1000 million assistance scheme for the import of essential materials for a further period of one year was done on Tuesday (30). 

The officials of the State Bank of India participated the event virtually.

He said that the initial agreement was signed in 2022 March & out of the 1000 million US dollars allocated materials were imported for $ 576.75 million.

The agreement is extended for the remaining $ 423.25 million, said the State Minister adding that the government will prioritize the import of essential medicines till March 2024.