Indian External Affairs Minister Jaishankar is attending 18th Bimstec meeting. India & Sri Lanka have signed a host of agreements, including hybrid power projects.
China and India have been competing for major infrastructure projects in Sri Lanka, which is currently facing its worst economic crisis since independence from Britain in 1948.
Officials announced Tuesday that India has agreed to create three Sri Lankan wind farms on islets shared by the two countries, marking a victory for New Delhi after the project was pulled away from a Chinese business.
New Delhi has long been concerned about the region's expanding Chinese influence.
This can be considered a success for India after the project was taken away from a Chinese corporation.
When Indian External Affairs Minister Dr. S. Jaishankar met with his Sri Lankan counterpart, Professor G. L. Peiris, in Colombo on Monday (March 28), they signed six Memorandums of Understanding.
The Memorandum of Understandings are :
A Chinese company was given a $12 million project to erect wind turbines on three small islands in the Palk Strait between southern India and Sri Lanka, with money from the Asian Development Bank (ADB).
However, construction on the project on the islets of Nainativu, Analaitivu, and Delft was never started, and the project on the islets of Nainativu, Analaitivu, and Delft was ultimately cancelled.
A memorandum of agreement was inked to build the installations, according to a joint statement released Tuesday after India's foreign minister S Jaishankar's visit to Colombo.
Sri Lankan officials said India has promised to provide funding in place of the ADB.
(With inputs from agencies)