India announced an extension to its $1 billion credit line to Sri Lanka for another year. The credit line was introduced in March 2020 to aid Sri Lanka in the face of an economic crisis, and has been used to provide urgent support for the procurement of essential items including food, medicine, and fuel.
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The $1.5 billion LRT project and the Colombo Port’s East Container Terminal (ECT) projects were unilaterally cancelled by former President Gotabaya Rajapaksa in 2021. The LRT project was to be funded by Japan, while India and Sri Lanka had also expressed interest in the ECT project.
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