India has extended a $1 billion credit line to debt-ridden Sri Lanka, offering support to the island nation as it attempts to ease its worst economic crisis in years. India signed an agreement to offer Sri Lanka a $1 billion short-term concessional loan facility during Finance Minister Basil Rajapaksa’s visit to New Delhi on Thursday, according to the High Commission of Sri Lanka in India’s statement. The loan facility, which will be provided by the State Bank of India, will help the Sri Lankan government to procure food, medicines, and other essential items. “Neighborhood first. India stands with Sri Lanka. US$1 billion credit line signed for the supply of essential commodities. Key element of the package of support extended by India,” India’s External Affairs Minister S Jaishankar said in a tweet. The loan is on top of the $500 million credit line offered by India to assist Sri Lanka in …