USD 15 Mn from India to bolster Buddhist ties

COLOMBO (News 1st); The Government of India provided a grant of USD 15 million to Sri Lanka to bolster the longstanding Buddhist connections between the two countries.

The exchange of bilateral documents in this regard took place in Colombo on Thursday (2) in the presence of Sri Lankan President Ranil Wickremesinghe and Indian Finance Minister Nirmala Sitharaman.

President Wickremesinghe and Hon Finance Minister of India Nirmala Sitharaman engaged in lengthy bilateral discussions during this event, said the President's Media Division.

The grant could be allocated towards various initiatives, including the construction and renovation of Buddhist monasteries, capacity development, cultural exchange, archaeological cooperation, reciprocal exhibition of relics and other areas of mutual interest.

In recognition of the evolving economic landscape in Sri Lanka, both countries have agreed to recalibrate the grant amount from Sri Lankan Rupees to Indian Rupees, aligning it with the prevailing market conditions. 

This adjustment is being formalized through diplomatic Letters of Exchange and Acceptance, signifying a shared commitment to further enhancing these ties.

High Commissioner of India, Gopal Baglay and Secretary of the Ministry of Buddhasasana, Religious and Cultural Affairs, Somaratne Vidanapathirana, exchanged these documents.

The first project to be initiated under the USD 15 million grant is the solar electrification of religious sites across Sri Lanka, with an allocation of USD 10 million. 

The Memorandum of Understanding (MOU) for this significant project was jointly finalized by the governments of India and Sri Lanka.