India will provide $55 million in economic assistance to Lanka for fertilizer procurement

As Sri Lankan farmers wait for fertilizer to start the yala season, India has decided to grant a US$55 million line of credit (LOC) to Sri Lanka for the procurement of urea.

“In response to an urgent request from the Government of Sri Lanka (GOSL), a LOC Agreement was signed Friday in Colombo in the presence of Sri Lankan Prime Minister Ranil Wickremesinghe, Minister of Agriculture Mahinda Amaraweera and the GOSL High Commissioner of India for Sri Lanka Gopal Baglay. Senior officials from the Sri Lankan and Indian sides were also present at the signing ceremony,” the Indian High Commissioner in Colombo said in a statement.

“This LOC will help GOSL secure urea fertilizers for the current season of rice sowing in Yala. In light of the critical requirements, GOSL and EXIM Bank have agreed to complete all procurement procedures expeditiously so that the urea shipments can reach Sri Lanka in a short time.

“During the signing ceremony, Prime Minister Wickremesinghe expressed his gratitude to the Government of India for the timely support. The High Commissioner stressed that the speedy completion of the LOC is a testament to the importance the Government of India places on the well-being of the people of Sri Lanka,” the statement added.

In line with its Neighborhood First policy and as a serious friend and partner of Sri Lanka, India has provided multi-pronged assistance to the people of Sri Lanka in recent months.

Support from India ranges from almost US$3.5 billion in economic aid to ensuring Sri Lanka’s food, health and energy security by supplying essential goods such as food, medicines, fuel, kerosene etc.

(Only the headline and image of this report may have been edited by the staff at Business Standard; the rest of the content is auto-generated from a syndicated feed.)

Leave a Reply

Your email address will not be published.