India and Sri Lanka sign US$ 100 million Line of Credit deal

India and Sri Lanka today signed a Line of Credit agreement amounting to US$ 100 million, the President’s Office said.

The Line of Credit will help Sri Lanka enhance solar power generation in the country.

Measures have been taken to increase the contribution by renewable energy sources to the national power grid by enhancing solar power generation as per the National Policy Framework ‘Vistas of Prosperity and Splendour.’

A key plan of the Government is to generate solar power by obtaining the contribution of state-owned buildings, places of worship and houses of the low-income families.

It is expected to provide financial benefit to low-income households and to curtail the expenses incurred by the state institutions for electricity, from the project.

Steps will also be taken to provide facilities to store solar energy in batteries for the low-income families that are unable to access the national power grid.

The project also includes generating power by installing floating solar panels as a solution to land scarcity. Under the first phase of this, plans have been initiated to generate electricity required for Parliament centering the Diyawanna Lake as a model project.

The Government of India, one of the main stakeholders of Sri Lanka for this project, has entered into a bilateral loan agreement by agreeing to grant a Line of Credit amounting to US$ 100 million through the Export Import Bank of India.

The agreement for the Line of Credit signed by the Sri Lankan Government and the Export Import Bank of India was exchanged between Finance Secretary S. R. Attygalle and Indian High Commissioner Gopal Baglay in the presence of President Gotabaya Rajapaksa and State Minister Duminda Dissanayake at the Presidential Secretariat this morning (16).

Foreign Secretary Admiral Jayanath Colombage, Secretary to the Ministry of Power Wasantha Perera, and officials of the Indian High Commission and the Finance Ministry were also present. (Colombo Gazette)

2 COMMENTS

  1. Another USD 100 million – so what ? At least it wasn’t a billion. It’s akin to giving a drug addict more drugs on request.

  2. The country is running on loans, because of wrong policies. Only in Sri Lanka I have seen too many people live on diaspora’s money, the government workers only work four hours a day. The school teachers teach little as possible at schools to make extra income by running tuition classes. The government workers were students, obviously they have learned from their school teachers to cheat.

    If I am the President, I will ban the tuition classes altogether. Secondly, I will make sure that everyone contributes to the GDP, anyone doesn’t have a regular job must work in a farm, even if they get money from the diaspora. I will create a productivity sheet for every government employee and ask to fill the sheet every day. Employee’s supervisor must sign to confirm employee’s work on weekly basis. Once a month I will do an audit. If an employee cheats on the productivity sheet, I will fire the employee as well as the supervisor.

    The country needs a tough leader. Unfortunately, Gotabaya Rajapaksa has become a soft leader by listening to Mahinda Rajapaksa who has 50 years experience in South Asian politics which is a failed system. The South Asian politics is all about playing religious, race, and language cards to keep the people in dark and poor to maintain the West’s world dominant power. It has nothing to do with the real policies to help the people. Under the current system, the politicians helping themselves with the blessings of their Western masters. Please note, military rule will not become successful under the same mindset. Pakistan had military rule but it didn’t go anywhere. The same mindset with different face or method will not become successful. Different thinking is the only solution for South Asia.

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