NEW DELHI: India on Wednesday extended a $500-million line of credit for purchasing petroleum products to Sri Lanka, currently grappling with its worst foreign exchange and energy crisis in decades.
India’s Export Import (Exim) Bank and the Sri Lankan government signed an agreement for the line of credit in the presence of Sri Lankan finance minister Basil Rajapaksa and Indian envoy Gopal Baglay. Rajapaksa has been coordinating his government’s efforts to seek financial assistance from India to tide over the crisis.
The Indian government’s support for fuel imports through the line of credit is in response to Colombo’s “urgent requirement”, the Indian high commission said in a statement.
