India working on plan to offer $50 million line of credit to Sri Lanka in defence

India is working on a plan to offer $50 million Line of Credit (LoC) to Sri Lanka in the defence sector –– the first such gesture towards the Southern neighbour as the two sides decided to expand defence and security partnership at Saturday’s summit to stabilise the Indian Ocean Region and the Bay of Bengal in the backdrop of China’s growing ambitions in these zones.

Delhi has plans to offer defence hardware to Lanka under LoC, besides expanding the training programme of the military of the island nation, ET has reliably gathered. There are also plans to supply hardware and equipment to other branches of the country’s military besides expanding supplies for Navy based on their needs, ET has learnt.

At the summit, held virtually, the two PMs, according to a joint statement, decided to “strengthen cooperation between the armed forces of the two sides, including through mutual exchange of personnel visits, maritime security cooperation and support to Sri Lanka in the spheres of defence and security”.

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