world
Monday Sep 19 2022
By
Web Desk

India becomes crisis-hit Sri Lanka's top lender

By
Web Desk
A Navy officer stands in front of Indias and Sri Lankas national flags as Indian Coast Guard Ship (ICGS) Shoor is in the Colombo port during its visit in Colombo, Sri Lanka April 2, 2018. — Reuters
A Navy officer stands in front of India's and Sri Lanka's national flags as Indian Coast Guard Ship (ICGS) Shoor is in the Colombo port during its visit in Colombo, Sri Lanka April 2, 2018. — Reuters

With loans totalling $968 million, India has become the largest lender to crisis-hit Sri Lanka, surpassing China which has been the country's top bilateral lender, reported India Today.

From years 2017 to 2021, China has lent Sri Lanka $947 million. Out of this amount, the country borrowed $809 million from the China Development Bank.

China said that the Asian Development Bank (ADB) was the largest multilateral lender for Sri Lanka over the previous five years because it disbursed $610 million in 2021.

Reportedly, in the first four months of 2022, India has disbursed $377 million and ADB has disbursed $360 million.

India’s Permanent Representative to the UN, Ruchira Kamboj claimed at a UNGA Annual Joint Debate on the Reports of Peacebuilding Commission (PBC) and Peacebuilding Fund (PBF) that the country had provided nearly $4 billion in financial assistance to its neighbour.

Among other things, India provided 21,000 tonnes of fertiliser to Sri Lanka.

The High Commission of India tweeted that before this, 44,000 tonnes had been supplied under Indian support. 

“It demonstrates benefits to the people from close ties with #India and mutual trust and goodwill between #India and #Sri Lanka,” added the High Commission of India.