India overtakes China as largest bilateral lender in early 2022 | Breaking News

India has become the largest bilateral lender to Sri Lanka during the first 04 months in 2022, overtaking China which was the  largest bilateral lender to the island nation for the last 05 years, reports.

In the first four months of 2022 a total of USD 968 MN has been disbursed. The largest bilateral lender in this period was India. Disbursements from India (USD 377 Mn) and ADB ( USD 360 Mn ) account for 76% of total disbursements in the first four months of 2022, it adds.

The website further notes :

“For the past five years (2017-2021) China has been the largest bilateral lender to Sri Lanka. In 2021, China disbursed a total of USD 947 MN, out of which USD 809 MN was obtained as market borrowings from the China Development Bank.”

“The Asian Development Bank ( ADB ) has been the largest multilateral lender in the past 5 years and disbursed funds amounting to LKR USD 610 MN in 2021.”

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