ADB, China lead project loan disbursements for Sri Lanka in 2018
Mar 20, 2019 09:23 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT- Sri Lanka received 1.35 billion US dollars in foreign financing for projects finance by foreign lenders during the first 11 months of 2018, a finance ministry report said.
A total of 1.33 billion US dollars in loans had been disbursed up to November 2011, and 20.8 million US dollars in grants out of a total pipeline of 8.3 billion US dollars in financing which could be drawn down over the next three to five years.
Of the 8.3 billion US dollars, 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.
The largest multilateral financier was the Asian Development Bank, disbursing 29.6 percent (400.8 million US dollars) of the total during 2018.
China came in second, with 357.1 million US dollars in financing, from loans committed in prior years.
During 2018, a billion US dollar budgetary financing syndicated loan was also disbursed by China.
Japan was the second largest financier, giving 154.3 million US dollars in financing, including a 14.4 million US dollars grant.
Sri Lanka borrowed 153.2 million US dollars from the World Bank.
The loan disbursements from the top four lenders accounted for nearly 80 percent of total development funding.
Credit from India totaled 44.7 million US dollars.
The Finance Ministry said 39 percent of the funds were allocated for roads and bridges, 14 percent was for water supply, 9 percent for financial purposes and 6 percent for power and energy. (Colombo/Mar20/2019-SB)