President Anura Kumara Dissanayake signed a Memorandum of Understanding (MoU) with the Indian Government during his December 2024 visit, securing a donation for the renovation of the Karainagar boat building facility. 

The Sri Lankan Government will oversee technical services and tax exemptions for related goods and equipment. 

Rs. 40 million has been allocated from the Treasury for the project, with Cabinet approval for the proposal by the Minister of Fisheries.