PM's visit to Sri Lanka

Date: March 13, 2015

India-Sri Lanka RBI Rabindranath Tagore

India, Sri Lanka signed four agreements during PM's visit 

India and Sri Lanka on 13 March 2015 signed four agreements. These agreements were signed during Prime Minister Narendra Modi’s maiden visit to the island nation as part of three-nation of Indian Ocean tour of Mauritius, Seychelles and Sri Lanka.

The four agreements signed are 

  1- Agreement on visa which includes Visa on arrival and exemption from visa for holders of diplomatic passports.
  2-Agreement on cooperation in mutual assistance in customs.
  3- A MoU for youth development.
  4-Agreement on building memorial of Rabindranath Tagore in Sri Lanka university.
Apart from this signing these agreements both nations agreed to strengthen the economic relations between India and Sri Lanka. For this they have agreed to 
    1- to develop a petroleum hub at Trincomalee city.
    2-Fresh Line of Credit (LOC) up to $318 million will be provided by India for the railways sector in Sri Lanka.
    3-Reserve Bank of India (RBI) and the Central Bank of Sri Lanka to enter into a Currency Swap Agreement of $1.5 billion in order to keep the Sri Lankan rupee stable.

Modi's visit to Sri Lanka is the first stand alone bilateral tour by an Indian Prime Minister since 1987.