AFFECTED FLOWOutflow (subsidised)
ANNOUNCED AS TEMPORARYNo
On 6 June 2017, the Government of India agreed to provide a loan of USD 318 million to the Government of Sri Lanka. Of the loan, USD 313 million will be used for financing rolling stock procurement by the national railways and for upgradation of railway tracks. The remaining USD 5 million is to be used as to be agreed between the two parties.
The credit is provided by the Export Import Bank of India (EXIM) and requires that at least 75% of the contract price for goods and services associated with the projects is sourced from India.
The credit agreement entered into force on 22 August 2017.
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