Sri Lanka received US$ 1.35 billion financing for projects from foreign lenders in first 11 months in 2018
The Finance Ministry of Sri Lanka has reportedly stated that the country had received US$ 1.35 billion in project financing by foreign lenders during the first 11 months of 2018.
The Ministry has reportedly stated in a report that a total of US$ 1.33 billion in loans had been disbursed up to November 2011 and US$ 20.8 million in grants out of a total pipeline of US$ 8.3 billion in financing which could be drawn down over the next three to five years.
According to reports, of the US$ 8.3 billion, 23 percent was from China, 20 percent from the Asian Development Bank, 20 percent from Japan, 13 percent from the World Bank, 6 percent from India and 5 percent from France.
Reports further stated that the largest multilateral financier was the Asian Development Bank, disbursing 29.6 percent (400.8 million US dollars) of the total during 2018.
China has been recorded in the second place, with US$ 357.1 million in financing, from loans committed in prior years.
Also, a billion US dollar budgetary financing syndicated loan had also been disbursed by China.
Japan was the second largest financier, giving US$ 154.3 million in financing, including a US$ 14.4 million grant.
Hence, the loan disbursements from the top four lenders had accounted for nearly 80 percent of total development funding.
OSL take:
Sri Lanka’s Finance Ministry report on the foreign project financing received by the country is indicative of the inflow of funds to carry out the government’s development programme. The development agenda has created many business/investment opportunities in many sectors in Sri Lanka. Therefore, foreign businesses/investors could explore opportunities to engage in Sri Lanka’s development programme.
| Article Code : | VBS/AT/25032019/Z_2 |