ADB, China and Japan recorded as biggest lenders to Sri Lanka in the first four months of 2018

ADB, China and Japan recorded as biggest lenders to Sri Lanka in the first four months of 2018

The Sri Lankan government has stated that the Asian Development Bank (ADB) and China were the biggest lenders to Sri Lanka in the first four months of 2018 followed by Japan.
Official data has reportedly shown that China has also made most of the new commitments.
Out of US$ 512.12 million of bilateral and multilateral financing used in public investment in the first four months of the year, ADB had reportedly disbursed US$ 228.85 million in loans and US$ 0.74 million in grants.
China had reportedly disbursed US$ 90.83 million, Japan US$ 54.9 million and the World Bank US$ 48.83 million.
According to reports, China has also pledged most of the new project loans, committing US$ 79.8 million out of a total of US$ 266.2 million where 10 new agreements were signed.
After the reporting period, China Development Bank has also won a bid to syndicate a billion dollar loan to Sri Lanka.
The ADB has committed US$ 75 million followed by India with US$ 45.3 million.
A total of US$ 219.2 million were pledged as and US$ 46.9 million as grants and technical assistance in the first four month of 2018, reports state.
According to reports, others who committed new loans were Australia (US$ 25.0 million), USA (US$17.9 million), Austria (US$13.0 million), International Fund for Agricultural Development (US$6.2 million), United Nations Population Fund (US$4.0 million) and United Nations High Commissioner for Refugees (US$0.01 million).
Of the commitments made the highest amount was committed for the railway sector with US$ 79.8 million, reports further state.
The small and medium enterprises sector has received the second highest commitment of US$ 75.0 million, reports added.

OSL take:

The official data indicates the funds available for the Sri Lankan government to carry out its development agenda. Therefore, foreign businesses interested in engaging in development project in Sri Lanka could express their interests without any fear due to the ease of raising funds for the respective projects.

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Article Code : VBS/AT/20180710/Z-3

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