India has surpassed China as the leading lender to Sri Lanka in the first four months of 2022, PublicFinance.lk reported.
According to the Sri Lankan public finance platform, the Asian Development Bank (ADB) remains the largest multilateral lender.
The platform further said that both together account for 76% of total disbursements for this period.
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.
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. (NewsWire)
