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The India–Sri Lanka Foundation (ISLF) was established on 28 December 1998 through a Memorandum of Understanding between the Governments of India and Sri Lanka, with the objective of fostering Indo–Sri Lanka relations by enhancing economic, scientific, educational, technical, and cultural cooperation and promoting greater understanding between the peoples of the two countries.

The management and direction of the Foundation are vested in a Board of Directors comprising six members. The High Commissioner of India to Sri Lanka in Colombo and the High Commissioner of Sri Lanka to India in New Delhi serve as the Co-Chairpersons of the Board, while the remaining four members are nominated by the two Governments.

Over the years, the Foundation has made substantial progress by implementing a wide range of projects aimed at strengthening bilateral cooperation. ISLF has funded numerous initiatives, particularly cultural projects that may not have received support from other organizations. Through these efforts, the Foundation has played a significant role in deepening people-to-people connections across diverse fields.

Since its inception, the Foundation has supported around 600 projects, of which more than 360 have been implemented in Sri Lanka.