India increases financial allocation for implementation of grant projects

Responding to rapid changes in the economic landscape of Sri Lanka, India has increased the financial allocation up to fifty per cent in the case of nine ongoing projects that are being executed under the India-Sri Lanka High Impact Community Development Project (HICDP) framework, Indian High Commission in Colombo said.

The overall financial commitment for these 9 projects currently stands at close to Rs 3 billion, after the increase. These projects cut across sectors ranging from education and health to agriculture, among others.

 Stressing that India has completed more than 60 grant projects under the HICDP framework, covering all 25 Districts of Sri Lanka, the High Commission said that at least 20 other projects are under different stages of implementation. 

“The HICDP framework was signed between the two countries in 2005 and subsequently renewed thrice, for a period of five years each time. It may be recalled that GOI also doubled the ceilings for individual projects as well as the overall financial capital outlay under the framework in January 2023,” the statement said. 

India’s overall development cooperation partnership portfolio in Sri Lanka is around USD 5 billion, of which USD 600 million is granted.  Demand-driven and people-centric projects carried out by India span across areas such as infrastructure development, housing, livelihood assistance etc. “1990 Emergency Ambulance Service, Railway Track rehabilitation, Integrated Water Plants, Indian Housing Project and Jaffna Cultural Center are among the landmark projects completed by GOI in Sri Lanka,”