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India now overtakes China as highest bilateral lender of Sri Lanka Sri Lanka-India-China

India now overtakes China as highest bilateral lender of Sri Lanka

India Blooms News Service | @indiablooms | 19 Sep 2022, 10:10 am

Colombo: India has emerged as the highest bilateral lender of crisis-hit Sri Lanka, overtaking China, media reports said on Monday.

For the past five years (2017-2021) China has been the largest bilateral lender to Sri Lanka. In 2021, China disbursed a total of $ 947 million, out of which $ 809 million was obtained as market borrowings from the China Development Bank, according to public as quoted by Daily Financial Times (FT) in its report.

It said the Asian Development Bank (ADB) has been the largest multilateral lender in the past five years and disbursed funds amounting to $ 610 million in 2021.

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