India, Sri Lanka ink four agreements
India and Sri Lanka on 13 March 2015 signed four agreements. These agreements were signed during Prime Minister Narendra Modi’s maiden visit to the island nation as part of three-nation of Indian Ocean tour of Mauritius, Seychelles and Sri Lanka.
The four agreements signed are
- Agreement on visa.
- Agreement on customs.
- Agreement on youth development.
- Agreement on building memorial of Rabindranath Tagore in Sri Lanka.
Apart from this signing these agreements
- Both nations agreed to strengthen the economic relations between India and Sri Lanka.
- India to help Sri Lanka to develop a petroleum hub at Trincomalee city.
- Fresh Line of Credit (LOC) up to $318 million will be provided by India for the railways sector in Sri Lanka.
- Reserve Bank of India (RBI) and the Central Bank of Sri Lanka to enter into a Currency Swap Agreement of $1.5 billion in order to keep the Sri Lankan rupee stable.