India Invests in Revitalizing Sri Lanka's Karainagar Boatyard

India will contribute Sri Lankan Rupees 290 million to redevelop the Karainagar Boatyard in Sri Lanka's Northern Province. The rehabilitation project will enhance local livelihoods by creating jobs and improving fisheries output. This initiative is part of India's extensive development efforts in Sri Lanka.

The Indian government has announced a massive financial aid package to help develop the Karainagar Boatyard in Sri Lanka's Northern Province, with funding totaling Sri Lankan Rupees 290 million. This was confirmed by the Indian High Commission on Thursday.

Highlighting a commitment to revitalizing the infrastructure, the project will include civil works and procurement, such as installing plants, machinery, and equipment in the boatyard run by the Cey-Nor Foundation Ltd. The venture will boost local employment and supply quality fisheries products, further aiding in economic development.

This initiative signifies another step in India's ongoing developmental collaborations with Sri Lanka, which encompasses investments worth over USD 5 billion across various sectors, ranging from housing and cultural projects to educational and healthcare improvements.

(With inputs from agencies.)