India extends $100 mn loan to Sri Lanka for Solar Energy Projects

  • IASbaba
  • June 18, 2021
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India extends $100 mn loan to Sri Lanka for Solar Energy Projects

Part of: GS Prelims and GS II – GS -II – International relations 

In news 

  • Recently, India has signed an agreement extending a USD 100 million Line of Credit (LOC) to Sri Lanka for Solar Energy projects. 
    • The LOC is for a period of 20 years, with an interest of 1.75%.
    • It was signed between the Government of Sri Lanka and the Export-Import (EXIM) Bank of India.
    • EXIM Bank is a specialized financial institution, wholly owned by the Government of India.
  • LOC will help Financing various projects in Sri Lanka’s solar energy sector 

India’s Initiatives for Global Cooperation Solar Energy

    • Launched by the Indian Prime Minister and the French President in 2015 
    • ISA’ vision: To enable One World, One Sun, One Grid (OSOWOG).
    • Focus: A framework for facilitating global cooperation, building a global ecosystem of interconnected renewable energy resources (mainly solar energy) that can be smoothly shared.

Schemes for Promoting Solar Energy in India

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