India grants Rs. 2.37 billion for 33 development projects in Sri Lanka’s Eastern Province
Newswire: The Government of Sri Lanka and the Government of India have signed a Memorandum of Understanding (MoU) to implement development projects in the Eastern Province under the Indian Multi-Sectoral Grants programme.
According to the MoU, signed on April 5, 2025, India will provide a grant of Rs. 2,371.83 million to fund 33 projects identified to address key development needs in the province.
Each project will be formalized through a separate MoU between the Indian High Commission and the Ministry of Public Administration, Provincial Councils, and Local Government.
The Cabinet of Ministers has approved the proposal presented by the Minister of Public Administration, Provincial Councils, and Local Government to proceed with signing 33 individual MoUs for the implementation of these projects in the Eastern Province.
The initiative is part of India’s ongoing development assistance to Sri Lanka, focusing on infrastructure, livelihoods, and community welfare in regional areas.
OSL take:
Sri Lanka’s development programme has many business/investment opportunities that cover all key economic sectors. As Sri Lanka embarks on a growth path aimed at achieving hub status in the South Asian region supported by the country’s geographical positioning in the Indian Ocean and strong trade ties among many other supporting factors, Sri Lanka’s development programme presents many lucrative ventures. While many bilateral partners and multilateral financial entities have pledges for several identified development projects in Sri Lanka, many foreign businesses/investors have also shown interest in entering the country, indicating the increasing business potential in the country. Sri Lanka has also been featured prominently in economic strategies of many global leaders like the US and China, with the latter placing Sri Lanka prominently in its Belt and Road Initiative (BRI). Foreign businesses/investors could therefore confidently explore the expanding business/investment in Sri Lanka while also giving special attention to opportunities in the country’s development programme. Foreign businesses could also look at engaging in Sri Lanka through partnerships or joint ventures with local businesses.
| Article Code : | VBS/AT/20251106/Z_3 |