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