High Commission of India
Colombo

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PRESS RELEASE

Finance Minister of India launches new initiatives throughout Sri Lanka in diverse areas

- Immediate roll out of USD 15 million grant for promotion of Buddhist ties

- Allocation of USD 10 million for solar electrification of places of worship across Sri Lanka

- Launch of construction of 10,000 houses in plantation areas of Sri Lanka

- Inauguration of the upgraded Thondaman Vocational Training Center

- Supply of school bags and notebooks to 10,000 students

- Installation of RO plants in schools

     Finance Minister of India, Nirmala Sitharaman led a five-member official delegation as well as a high-powered business delegation consisting of senior functionaries of leading industry organizations like Confederation of Indian Industry (CII) and Federation of Indian Chambers of Commerce & Industry (FICII) to Sri Lanka from 1–3 November 2023.

2. Finance Minister Nirmala Sitharaman called on H.E President Ranil Wickremesinghe and H.E Prime Minister Dinesh Gunawardena during the visit. She paid respects to the Chief Prelates of the Asgiriya and Malwatta chapters as also offered prayers at the sacred Sri Dalada Maligawa in Kandy and sacred Jaya Sri Maha Bodhi Temple in Anuradhapura, in addition to Nallur Kandaswamy Temple in Jaffna. She was the Guest of Honour at ‘Naam 200’ event to mark 200 years of arrival of the Indian origin Tamil community to Sri Lanka and delivered the keynote address at an India - Sri Lanka Business Summit – Enhancing Connectivity; Partnering for Prosperity.  She also inaugurated branches of State Bank of India in Trincomalee and Jaffna during the visit.

3. She held fruitful discussions with the President of Sri Lanka on 2 November 2023 and they witnessed the exchange of bilateral documents, which pave way for early commencement of projects under the USD 15 million grant announced by Prime Minister Narendra Modi for the promotion of Buddhist ties between the two countries. First project being undertaken under this grant is the solar electrification of places of worship across Sri Lanka with a grant allocation of USD 10 million and the MOU regarding details of the project was also exchanged yesterday.

4. Finance Minister of India announced in ‘Naam 200’ event that Government of India would soon send trainers to equip teachers in STEM subjects in plantation regions of Sri Lanka. As one of the first projects under the SLR 3 billion multi-sectoral package announced by Prime Minister Narendra Modi in July 2023 for the Indian origin Tamil community, qualified trainers from India would be deployed in Sri Lanka for defined periods towards achieving this. She also outlined several other projects which are being rolled out under the package including solar lanterns for plantation workers, stitching units for women self-help groups etc. In the education sphere, she kicked off the supply of notebooks and school bags to 10000 school-going children in the plantation regions and started a project to distribute RO plants among schools to address drinking water problems in select schools.

5. Marking a new milestone, she virtually launched the Phase-4 of flagship Indian Housing Project (IHP) for the construction of 10,000 houses for plantation workers along with the President of Sri Lanka. This is an extension of the third phase under which close to 4000 houses have been built in these regions. It may be recalled that a total of around 50,000 houses have been completed under IHP till date. She also virtually inaugurated the upgraded Thondaman Vocational Training Center in Hatton along with President Wickremesinghe. Government of India built several facilities in the Center and provided equipment including desktop computers towards imparting employable skills of youth.

6. The visit is expected to give further impetus to bilateral engagements in the economic sphere. Industry captains who visited Sri Lanka from several sectors actively sought mutually beneficial investment opportunities and sustainable commercial partnerships in Sri Lanka. The Business Summit was a meeting of minds platform in which both Indian and Sri Lankan business entities came together to discuss future collaborations.

7. It may be recalled that Finance Minister Sitharaman had strongly advocated for Sri Lanka in IMF meetings in 2022 which was critical in enabling the IMF package for Sri Lanka. As the Finance Minister, her role in fast tracking the multi-pronged support of USD 4 billion by India last year was instrumental.

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Colombo
03 November 2023

Finance Minister of India launches new initiatives throughout Sri Lanka in diverse areas - Sinhala Version

Finance Minister of India launches new initiatives throughout Sri Lanka in diverse areas - Tamil Version