PM announces a Grant of US$ 318 million for Sri Lanka Rail
Updated: Mar 13, 2015 04:48:38pm
New Delhi, March 13 (KNN) Mr Modi announced a fresh Line of Credit of up to US$ 318 million for the railways sector. This will be used to procure rolling stock, and to restore and upgrade existing railway track.
In a speech to the media after arriving in Colombo on Friday morning as part of a three-nation tour of the Indian Ocean, Mr. Modi said that economic ties between India and Sri Lanka are key to the relationship between the two neighbours and said that agreements he had reached with the island’s President Maithripala Sirisena, would simplify trade between the countries.
India’s Prime Minister is on a visit to Sri Lanka, the first such trip by a serving Indian premier to the island nation in 28 years.
He also announced that the Reserve Bank of India and the Central Bank of Sri Lanka have agreed to enter into a Currency Swap Agreement of US$ 1.5 billion. This will help keep the Sri Lankan rupee stable.
Mr. Modi will visit, some of the projects, being financed by India, including the housing project under which more than 27,000 houses have already been built. (KNN/DB)
In a speech to the media after arriving in Colombo on Friday morning as part of a three-nation tour of the Indian Ocean, Mr. Modi said that economic ties between India and Sri Lanka are key to the relationship between the two neighbours and said that agreements he had reached with the island’s President Maithripala Sirisena, would simplify trade between the countries.
India’s Prime Minister is on a visit to Sri Lanka, the first such trip by a serving Indian premier to the island nation in 28 years.
He also announced that the Reserve Bank of India and the Central Bank of Sri Lanka have agreed to enter into a Currency Swap Agreement of US$ 1.5 billion. This will help keep the Sri Lankan rupee stable.
Mr. Modi will visit, some of the projects, being financed by India, including the housing project under which more than 27,000 houses have already been built. (KNN/DB)
Loading...
