Rail Fund

Nov 26, 2010 (LBO) – Sri Lanka and India has inked a deal for a 416 million US dollar credit from India’s export import bank to rebuild railways in the island’s war-torn north, a government statement said.

The president’s office said the deal was signed between Nadeem Panketan, managing director of the Indian export import bank and Sri Lanka’s Treasury Secretary P B Jayasundera.

Sri Lanka has been investing heavily to re-build roads, water supply and sanitation facilities in the north after a 30-year war ended in May 2009 with assistance from China, India, Western nations and multilateral lenders.

India’s foreign minister S M Krishna is currently visiting Sri Lanka.