Sri Lanka and India will sign a pact to link their power grids and start negotiations on an upgraded trade agreement within two months, a Sri Lankan diplomat said on Wednesday (15), as the island nation seeks a way out of its worst economic crisis in decades.
India has provided some $4 billion in assistance to its southern neighbour since the crisis hit early last year, but Sri Lanka is now seeking to enhance trade and investments as it moves to close a $2.9 billion loan from the International Monetary Fund.
A key part of Sri Lanka's economic recovery plan rests on developing its renewable energy resources in the island's north, from where power can be transported into southern India through a cross-border transmission cable.
Source: www.reuters.com
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