India becomes first country to partner up with Sri Lanka to formalise 'critical' deal worth $100 million

Colombo, June 16: Sri Lankan President Gotabaya Rajapaksa said that the agreement on the Line of Credit worth USD 100 million between Sri Lanka and the Export & Import Bank of India has been formalized, thus getting closer to the island country's goal of 70 percent renewable energy by 2030.

 

 

"Sri Lanka is going green, and we are working extensively to make it happen. Today, we formalized the agreement on the Line of Credit worth USD 100M b/w Sri Lanka and the Export & Import Bank of India. Steadily, we're getting closer to the goal of 70 per cent renewable energy by 2030," Gotabaya Rajapaksa wrote in a tweet.

 

 

India has become the first country to partner with Sri Lanka in fulfilling President Gotabaya Rajapaksa's vision to ensure that 70 per cent of the island's national power requirements are fulfilled by renewable energy sources by 2030.

 

 

The agreement signed between the Government of Sri Lanka and the Export-Import Bank of India, was exchanged by the High Commissioner of India to Sri Lanka, Gopal Baglay and the Secretary to the Treasury, S.R. Attygalle, in the presence of President Gotabaya Rajapaksa, and State Minister Duminda Dissanayake at the Presidential Secretariat.

 

On the occasion, President Rajapaksa and High Commissioner of India discussed the striking similarity in the national objectives outlined by India and Sri Lanka in connection with solar energy.

 

 

"The shared vision of our countries in the renewable energy sector reflects our common national priorities and convergence of approaches for sustainable development. Strengthening collaboration in this vital sector will help enhance our overall energy partnership and contribute towards our global efforts to tackle climate change and reduce emissions," Colombo Page quoted the High Commission as saying.