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India to provide USD 55 million loan for Sri Lanka to purchase urea

07 Jun, 2022

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India is to provide a USD 55 million loan for Sri Lanka to purchase urea.

The loan will be provided through the Export-Import Bank of India (EXIM Bank).

The Cabinet has approved a proposal submitted by Prime Minister Ranil Wickremesinghe as the Minister of Finance, Economic Stabilization and National Policies to sign the agreement.

The Government said that?India has agreed to provide a USD 55 million loan through EXIM Bank for the procurement of urea for the 2022/23 Maha season.

India had recently assured Sri Lanka an immediately supply 65,000 metric tonnes of urea to avoid any disruption in paddy cultivation, as it faces the worst economic crisis in its post-independence history.

The High Commissioner of Sri Lanka in New Delhi Milinda Moragoda had met with the Secretary of the Department of Fertilisers Rajesh Kumar Chaturvedi in New Delhi to discuss the supply of urea required for the current Yala cultivation season in Sri Lanka.

Moragoda thanked Chaturvedi for India?s decision to supply 65,000 MT of urea required for the current Yala cultivation season in Sri Lanka. (Colombo Gazette)

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