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Sri Lanka Receives a $100 Million Line of Credit From India to Fund Solar Projects

    17 June , 2021         Fdiindia

Sri Lanka Receives a $100 Million Line of Credit From India to Fund Solar Projects

On Thursday, India increased the Line of Credit (LOC) by $100 million to Sri Lanka through Exim Bank for funding the projects under the solar energy sector. Gopal Baglay, India's High Commissioner to Sri Lanka, and S.R. Attygalle, Sri Lanka's Secretary of State for Finance, signed the agreement. President Gotabaya Rajapaksa was also present there.

The LOC would assist in financing various solar energy projects in Sri Lanka, including those announced during the International Solar Alliance (ISA) founding conference in March 2018, such as rooftop solar photovoltaic systems for households and government buildings, according to the Indian high commission in Colombo. The solar power generation in India has increased from 2.6GW to 34.6 GW over seven years. The aim is to increment it further by 100GW and above. President Rajapaksa and High Commissioner Baglay draw the parallel between Sri Lanka's and India's solar energy national objectives.

In 2015, Prime Minister Narendra Modi and former French president Francois Hollande started an agreement at ISA to bring countries together to encourage large-scale solar energy deployment and tackle technological, financial, and capacity constraints. Till now, 89 countries have signed the agreement, including Sri Lanka.

Exim Bank has granted nine LOCs to Sri Lanka, the most recent of which is for $1.68 billion. The supply of petroleum products, railway projects, defence, and infrastructure projects are among the projects covered by the LOCs in Sri Lanka. In addition, it has granted 272 LOCs to 62 countries in Africa, Asia, Latin America, and the Commonwealth of Independent States (CIS), totaling $26.84 billion in credit commitments for supporting Indian exports.