India signs $ 416 million credit line to construct Sri Lanka's Northern Railway :

Visiting Indian Minister of External Affairs S. M. Krishna is scheduled to launch a project today to construct Sri Lanka's Northern Railway Line that was destroyed by the Tamil Tiger rebels during their reign of the North.


 India signed a credit agreement with Sri Lanka on Friday for $ 416.39 million for the Northern Railway construction project when the visiting Indian Minister met President Mahinda Rajapaksa at the President's House.


Under the agreement the construction will be carried out in three segments, from Madhu to Thalaimannar, Medawachchiya to Madhu and Omanthai to Palaly.
Managing Director of Indian Exim Bank Nadeem Panjetan signed the agreement on behalf of India while Treasury Secretary P. B. Jayasundara signed for Sri Lanka in the presence of President Mahinda Rajapaksa, India's Foreign Secretary Ms. Nirupama Rao, High Commissioner of India in Colombo Ashok Kantha, Sri Lankan Minister of External Affairs Prof. G.L Peiris, Minister of Power and Energy Champika Ranawaka, and Secretary to the President Lalith Weerathunge.
Treasury Secretary P. B. Jayasundara and the Indian High Commissioner Ashok Kantha also exchanged letters for the first phase of the 50,000 housing project for the IDPs funded by India, after the meeting between the President and the Indian Minister.