Neighbours first: India extends credit line of USD 1 billion for essential commodities

NH Bureau Friday, 18 March 2022 09:05:22 AM

Neighbours first: India extends credit line of USD 1 billion for essential commodities (Image: Twitter/DrSJaishankar)

New Delhi : Sri Lanka is dealing with major economic crisis these days and to help the nation, India has come forward under its 'neighbourhood first' belief.

The tri-colour nation has granted a USD 1 billion credit line to Sri Lanka that will enable it to purchase essential commodities like food and medicine to bring down economic crisis a little.

The short-term concessional loan will be provided by State Bank of India under an agreement signed between the two nations during Sri Lankan Finance Minister Basil Rajapaksa's visit to Delhi.

"Neighborhood first. India stands with Sri Lanka. US$ 1 billion credit line signed for supply of essential commodities. Key element of the package of support extended by India," Jaishankar tweeted.

Under the credit line, Sri Lanka will be able to purchase food, medicine and other essential commodities from India.

This year till date, India has given a financial assistance of USD 2.4 billion to Sri Lanka.