India extends USD 100 mn LoC to Sri Lanka

Why in news ?

India has extended a USD 100 million Line of Credit to Sri Lanka to finance projects in solar energy sector.

About:

• Agreement was signed between Sri Lankan government and Export-Import Bank of India.
• This LOC will also ensure that Sri Lanka’s 70 percent power requirements are fulfilled by renewable energy sources by 2030.
• LOC will also finance solar energy projects in Sri Lanka, announced during Founding Conference of International Solar Alliance (ISA) in 2018. It includes project like rooftop solar photo-voltaic systems for households and government buildings.