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.