India provided a 100 USD line of credit to Sri Lanka so that the island nation can shift its energy requirements to the solar energy sector
This is done with the agenda that by 2030, the work towards almost 70% of its energy needs are fulfilled by renewable sources of energy. An agreement was signed on Wednesday, in the presence of the Sri Lankan government and the Export-Import Bank Of India and this agreement was exchanged by the High Commissioner of India to Gopal Baglay from Sri Lanka and the Treasury S R Attygalle, where the Sri Lankan President Gotabaya Rajapaksa was also present.
This USD 100 million LOC will be a great help to Sri Lanka for financing various projects in the solar energy sector, along with those announced during the March 2018 Founding Conference of the International Solar Alliance (ISA), for instance: rooftop solar photovoltaic systems for households and government buildings.
The striking similarities in the national objectives regarding solar energy sources were also discussed by Sri Lankan President Rajapaksa and the Commissioner of India. A total of 89 countries, including Sri Lanka have signed this agreement initiated by Prime Minister Narendra Modi along with former French President Francois Hollande which works towards promoting the use of solar energy sources.
The solar power generation in India has increased manifolds over the past 7 years, the National Solar Mission of India aims to take this initiative further and increase the use of the energy source. Government plans on generating this solar power through the contribution of state-owned buildings, places of worship and low-income families.