India extends aid worth USD 3.9 billion to help Sri Lanka face economic crisis

(Asia News Initiative, New Delhi, 14 January 2023) India's EXIM bank and State bank of India extended export credit facilities worth USD 1,500 million to Sri Lanka for the import of essential commodities. India has extended aid worth USD 3.9 billion to help Sri Lanka sustain itself in face of the acute economic and financial crisis and meet its immediate needs such as medicines, cooking gas, oil and food items, Sri Lanka based news publication News 19 reported. In February 2022, India signed an agreement for the supply of petroleum products worth USD 500 million from the Indian Oil Company through a credit line in order to help Sri Lanka overcome its fuel shortage. This was expanded by an additional USD 200 million worth of petroleum products in April 2022.