India signs agreement with Sri Lanka for developing Railway sector

India signed an agreement to provide fresh assistance of 318 million US Dollar credit line to Sri Lanka for the development of the railway sector in the country. The agreement was signed in Colombo amidst the presence of senior officials of Sri Lanka’s finance and transport ministries.

The Indian side was represented by Managing Director of the Export- Import (EXIM) Bank of India David Rasquinha and Deputy High Commissioner Arindam Bagchi. India has already provided four Lines of Credit for the development of railway sector in Sri Lanka through its EXIM Bank amounting to approximately USD 966 million.
Static Takeaways for IBPS PO Exam-
  • Sri Jayawardenepura Kotte is the capital of Sri Lanka
  • Prime Minister of Sri Lanka is Ranil Wickramasinghe
  • EXIM Bank was established by the Government of India, commenced operations in 1982 under the Export-Import Bank of India Act, 1981
  • David Rasquinha is the Current MD of EXIM Bank of India.
Source- The Indian Express

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