India will provide Sri Lankan Rupees 290 million to develop the Karainagar Boatyard in the Northern Province of the island nation, the Indian High Commission said here on Thursday.

The project envisages rehabilitation of Karainagar Boatyard of the Cey-Nor Foundation Ltd, incorporated under the Ministry of Finance, Planning and Economic Development and operating under the Ministry of Fisheries, Aquatic and Ocean Resources.

“An MoU was signed and exchanged by High Commissioner of India to Sri Lanka Santosh Jha and the then High Commissioner of Sri Lanka to India Kshenuka Dhireni Senewiratne on December 16,” the High Commission said in a release.

The project will cover civil works and procurement, including installation of plant, machinery, equipment, material, services etc. Once fully operational, the rehabilitated boatyard will augment livelihood opportunities of local fishermen, create more job opportunities in the area, including through small establishments around the boatyard, and help enhance the supply of quality fisheries products, the release said.

With a development cooperation portfolio with Sri Lanka of over USD 5 billion, India has people-centric development assistance initiatives in virtually all major sectors in Sri Lanka, the High Commission said.

“Notable past projects in the Northern Province include construction and renovation of over 41,000 houses; a state-of-the-art Cultural Centre at Jaffna as a reconciliation project; removal of wrecks and dredging at Kankensanthurai Port; and construction and repairs at numerous schools and hospitals across Jaffna, Kilinochchi, Mullaithivu and Vavuniya.

“These projects also include restoration of Thiruketeeswaram Temple, and distribution of significant quantities of assistance to the agricultural community, as well as the fishing community including boats, nets, outboard motors, freezers,” the release added.