India Takes On China In Sri Lanka; Commits Whopping Rs 237 Crore For... - Details

 India is to provide Rs 2,371 million to Sri Lanka for 33 development projects in education, health, and agriculture sectors in the eastern province, it was announced on Tuesday.

Indian Investments In Sri Lanka

The cabinet has approved a proposal to sign an MoU to boost socio-economic development and bilateral ties between the two countries, cabinet spokesman and the Health Minister Nalinda Jayathissa told reporters here. India is to provide Rs 315 million for education, Rs 780 million for health, and Rs 620 million for agriculture under the arrangement.

These projects, among the slew of others, are aimed at enhancing infrastructure, growth,h and empowering local communities.

Chinese Investment In Sri Lanka

According to a Chatham House study, the cumulative value of Chinese investment in infrastructure in Sri Lanka amounted to US$12.1 billion between 2006 and 2019, or the equivalent of 14 per cent of the 2018 GDP . And it had increased to about US$13 billion as of August 2020. Chinese Exports to Sri Lanka were US$3.76 Billion during 2023, according to the United Nations COMTRADE database on international trade, Trading Economics said.

Some of the notable Chinese investments include Hambantota Port, Colombo Port City, Nicholai power station, Mattala International Airport, and Colombo International Container Terminal (CICT), among others.

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