₹510 Crore Indian-Funded Project to Boost Maritime Connectivity
India-funded project
India and Sri Lanka are finalising a major port development agreement.
The project will develop Kankesanthurai Port in northern Sri Lanka.
India will fully fund the project.
The estimated project cost stands at $61 million.
That amounts to nearly ₹510 crore.
Meanwhile, both countries resolved several pending issues.
Senior officials held crucial talks in Colombo on Saturday.
Sri Lankan Minister Anura Karunatilaka led the delegation.
Indian Deputy High Commissioner Maitreyie Kulkarni also participated.
Both sides agreed on remaining MoU-related matters.
In addition, officials have recommended the setting up of joint monitoring and technical teams.
The port is located near Jaffna, which is on the northern coast of Sri Lanka.
Also, the port is situated near the southern coast of India.
Hence, the port is of high strategic and economic significance.
Port development could help improve maritime relations between India and Sri Lanka.
In addition, movement of passengers and goods would be easy.
This port had provided a vital link between India and Sri Lanka.
However, the civil war in Sri Lanka had disrupted operations at the port.
Currently, the government of Colombo is looking to attract more investments in the northern region.
