India provides 75 buses to Sri Lanka as part of its ‘Neighbourhood First’ policy

India provides 75 buses to Sri Lanka as part of its ‘Neighbourhood First’ policy

Daily Current Affairs   /   India provides 75 buses to Sri Lanka as part of its ‘Neighbourhood First’ policy

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Category : International Published on: January 10 2023

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  • India has handed 75 passenger buses to Sri Lanka as part of its assistance towards strengthening public transport infrastructure in the cash-strapped country.
  • A total of 500 buses will be supplied to Sri Lanka through Indian assistance.
  • As part of its ‘Neighbourhood First’ policy, India has extended multi-pronged assistance to Sri Lanka to help the country tide over its worst economic and humanitarian crisis since its independence from Great Britain in 1948.
  • In May last year, the Sri Lankan government declared a debt default on over $51 billion in the foreign loan, a first in the country’s history.
  • While in January, India announced a $900 million loan to Sri Lanka to build up its depleted foreign reserves as the financial crisis began to unfold.
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