Sri Lanka and India have signed a Memorandum of Understanding (MoU) on 16 December 2024 for the renovation of Karainagar Boatyard.
Accordingly, Sri Lanka is scheduled to receive a grant of Rs 290 million from the Government of India. The agreement was signed by the Indian High Commissioner to Sri Lanka, Santosh Jha, and the then Sri Lankan High Commissioner to India, Kshenuka Seneviratne.
The project is expected to rehabilitate the Karainagar Boatyard of the Cey-Nor Foundation Limited, which is incorporated under the Ministry of Finance, Planning and Economic Development and operates under the Ministry of Fisheries, Aquatic and Marine Resources.