India extends financial assistance to Sri Lanka; to develop crucial port facility
Amid race between India and China to keep its influence in the island nation of Sri Lanka, India has extended a fresh financial assistance of $45.27 million for upgrading Kankesanthurai (KKS) Harbour in northern Sri Lanka into a commercial port.
The move is likely to strengthen the country’s efforts to become a regional maritime hub.
It need be mentioned that Sri Lanka’s Ministry of Finance and Export-Import Bank of India (Exim Bank) signed an agreement in this regard on January 10.
The statement issued by Indian High Commission noted that “An agreement for Indian financial assistance for $45.27 million (LKR 6.9 billion) for upgrading Kankesanthurai (KKS) Harbour was signed on January 10 in New Delhi by David Rasquinha, Managing Director, Export-Import Bank of India and RHS Samaratunga, Secretary to Treasury of Sri Lanka,”.
The upgradation project would make KKS Harbour a full- fledged commercial port, further strengthening Sri Lanka’s efforts to become a regional maritime hub, the statement said.
In terms of the MoU between India and Sri Lanka for rehabilitation of KKS Harbour, four out of the six phases of the rehabilitation have already been completed under India’s grant assistance. >