Sri Lanka will purchase 500 buses from India for USD 15 million by utilising the line of credit extended to it during President Gotabaya Rajapaksa's visit to New Delhi, officials said on Friday.
The new buses for Sri Lanka Transport Board would be procured to strengthen the country's public transport, according to a memo approved by the Cabinet this week.
"The Cabinet of Ministers has given their consent for procurement of 400 new buses with 5054 seating capacity and 100 new buses with 3235 seating capacity utilising USD 15.03 million under the Indian loan grant/scheme," the memo said.
Prime Minister Narendra Modi in November announced a financial assistance of USD 450 million to Sri Lanka including USD 50 million to fight terrorism after he held "fruitful" talks with the island nation's newly elected President Rajapaksa.
In his first overseas tour after taking over the reins of Sri Lanka, Rajapaksa travelled to India on a three-day visit.
Disclaimer: No Business Standard Journalist was involved in creation of this content
