- Friday, April 19, 2024
By: PTI
INDIA extended a total of 37 Lines of Credit (LoCs) worth $14.27 billion (£11.9 billion) to Bangladesh, Maldives, Myanmar, Nepal and Sri Lanka for 162 projects, the government told Lok Sabha on Friday (22).
In reply to a question, the country’s minister of state for external affairs V Muraleedharan said another 222 Lines of Credit worth $14.07 billion (£11.7 billion) covering 357 projects have been extended to 42 countries in Africa.
The minister also provided a list of some of the projects that were implemented in the neighbouring countries as well as in Africa as part of India’s financial assistance.
“A total of 37 Lines of Credit worth $14.27 billion covering 162 projects have been extended to five countries in our neighbourhood namely, Bangladesh, Maldives, Myanmar, Nepal and Sri Lanka,” Muraleedharan said.
“Another 222 Lines of Credit worth $14.07 billion covering 357 projects have been extended to 42 countries in Africa. These projects cover varied sectors like roads, railways, power, ports and shipping, telecom, health, education and aviation,” he added.
The government of India has extended eight LoCs to Sri Lanka amounting to $1,850.64 million (£1,548 million) in sectors including railways, infrastructure, defence, renewable energy, petroleum and fertilisers in the past 10 years.
To a separate question, external affairs minister S Jaishankar said that India is committed to developing friendly and mutually beneficial relations with all its neighbours under the ‘Neighbourhood First’ policy.
“In line with this policy, India continues to assist Sri Lanka in its economic development and also support it in overcoming its economic challenges,” he said.
Jaishankar said that in January India extended a $400 million (£334.5 million) currency swap to Sri Lanka under the SAARC (South Asian Association for Regional Cooperation) Framework and deferred successive Asian Clearing Union settlements till July 6.
“A Line of Credit of $500 million (£417.8 million) was extended to Sri Lanka for importing fuel from India. In addition, India has extended a credit facility of $1 billion (£835.6 million) for the procurement of food, medicines and other essential items from India,” he added.
Jaishankar said humanitarian assistance was also provided to Sri Lanka by gifting essential medicines worth about Rs 6 crore (£627,961), 15,000 litres of kerosene oil and $55 million (£46 million) LoC for procurement of Urea fertiliser.
“The government of Tamil Nadu has contributed rice, milk powder and medicines worth $16 million, as part of the larger Indian assistance effort,” he said.
