HomeVIDEOSNATIONIndia surpasses China To Become Sri Lanka's Top Lender

India surpasses China To Become Sri Lanka’s Top Lender

India: After a total of $968 million in loans in the first four months of 2022, India has surpassed China to become the top bilateral lender to crisis-hit Sri Lanka. Between 2017 and 2021, China was Sri Lanka’s largest creditor.

$947 million in loans were made by China. According to reports, $809 million of this was borrowed on the market from the China Development Bank. The Asian Development Bank (ADB), which disbursed $610 million in loans to Sri Lanka in 2021, has been the largest multilateral lender to that country over the previous five years.

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Nearly $4 billion in food aid and financial support given by India

According to a Daily FT report, India ($377 million) and ADB ($360 million) accounted for 76% of all payments in the first four months of 2022. Ruchira Kamboj, India’s Permanent Representative to the UN, recently announced during the UNGA Annual Joint Debate that India had given Sri Lanka, which was in the midst of a humanitarian crisis, nearly $4 billion in food aid and financial support.

At the UNGA Annual Joint Debate on the Reports of the Peacebuilding Commission (PBC) and Peacebuilding Fund (PBF) Kamboj stated, “In our immediate neighbourhood, we are continuing to help our good friend and neighbour Sri Lanka to ensure food security by providing nearly USD 4 billion in food and financial assistance over the past few months”.

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Earlier, India provided fertiliser to Sri Lanka

In the meantime, India provided 21,000 tonnes of fertiliser to Sri Lanka on August 22 in addition to the 44,000 tonnes it provided the previous month.
India has been at the forefront of providing economic aid during Sri Lanka’s worst crisis.

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