India extends USD 1 billion line of credit to Sri Lanka for one more year (till March 2024)

India extends USD 1 billion line of credit to Sri Lanka for one more year (till March 2024)

Daily Current Affairs   /   India extends USD 1 billion line of credit to Sri Lanka for one more year (till March 2024)

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Category : State Published on: June 01 2023

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  • An agreement was signed between the State Bank of India (SBI) and the Government of Sri Lanka in March 2022 for a $1 billion loan facility
  • India extended the credit line to Sri Lanka at the height of the country's economic crisis
  • The facility was instrumental in quick procurement of vital supplies such as fuel, foodstuffs and industrial raw materials for Sri Lanka.
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