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China remains Sri Lanka’s biggest funder in Jan-April 2016

Jul 03, 2016 09:13 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT – Foreign lenders committed US$855.4 million to fund development projects in Sri Lanka during the first four months in 2016, with China remaining the biggest source, accounting for over half the funding, the finance ministry said.

This was through 8 loan agreements for US$ 727.5 million (or about Rs. 103, 966 million) and 9 grant agreements for US$ 127.9 (or about Rs. 18, 399 million) from foreign governments and lending agencies, it said in its mid-year fiscal position report.

Big projects included extension of Southern Expressway Section II project (US$ 360.3 million) funded by China Exim Bank, Greater Matale Water Supply Project (Eeuro 123.7 million) funded by Credit Agricole of France, Small and Medium- sized Enterprises Line of Credit (US$ 100 million) funded by ADB, and integrated rural development in the Central and Uva Province (Euro 30 million) funded by the European Community.

The Airport and Aviation Services Ltd has obtained US$ 402.7 to implement Bandaranaike International Air Port Development Project Phase II Stage II from the Government of Japan during the period.

Total disbursements from commitments already made by various bilateral and multilateral development partners during first four months of 2016 was US$ 311.7 million (Rs. 44,894.47 million).

Of this, project loan disbursements accounted for US$ 301.9 million (about 97 percent of total disbursement) while the grants accounted for US$ 9.95 million.

In 2015 total disbursements from commitments by bilateral and multilateral lenders during first quarter of 2015 was US$296.24 million (Rs. 39,233.93 million).

Of this, project loans accounted for US$277.53 million, 93% of total disbursement and grants the rest.

Around 44 percent of the total disbursement during first quarter of 2015 was mobilized for the expressways, road and bridges sector last year.(COLOMBO, July 02, 2016)


 

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