India, Sri Lanka boost ties with currency swap

Colombo

ON the first trip to Sri Lanka by an Indian leader since the 1980s, Prime Minister Narendra Modi agreed to strengthen financial ties and build up the island's infrastructure as he looks to counter China's influence.

Central banks from both countries agreed to a US$1.5 billion currency swap, mirroring an agreement Chinese President Xi Jinping reached with Sri Lanka last year. Mr Modi also offered support for President Maithripala Sirisena's efforts to resolve a longstanding ethnic conflict.