India to provide extra funds for construction projects in Sri Lanka
Colombo, March 21 (IANS) India has pledged to provide up to 50 per cent additional funds to construction projects in Sri Lanka, in response to the rising costs caused by the ongoing financial crisis in the country. High Commissioner of India, Santosh Jha, and Secretary, Ministry of Urban Development and Housing W.S. Sathyananda formalized this decision by exchanging diplomatic letters.
The Indian government has decided to provide an additional grant of SLR 150 million for the construction of Houses and Infrastructure Facilities in Sobitha Thero Village in Anuradhapura, as part of one of the nine grant projects in Sri Lanka. The total commitment from India for this project now stands at SLR 450 million.
With the additional grant, 90 houses will be constructed in the village with Indian funds, and the project is currently at various stages of construction. The Ven. Maduluwawe Sobhitha Thero Commemoration Foundation is collaborating with the High Commission for the execution of this project.
In light of the economic challenges in Sri Lanka, the Indian government has decided to inject additional funds into the nine ongoing grant projects to ensure their timely completion and mitigate the impact of rising construction material costs. The additional funds amount to up to 50 per cent of the original commitment by India for each of the projects, according to the High Commission.
This initiative aims to support the development and infrastructure projects in Sri Lanka during these challenging times, demonstrating India’s commitment to its neighbor’s growth and stability.
