India Overtakes China To Become Sri Lanka's Largest Lender

Tags: International Relations International News

According to a media report, India has emerged as the largest bilateral lender to Sri Lanka, overtaking China in the process, with a total loan of USD 968 million in the four months of 2022.

IMPORTANT FACTS -

• In the last five years from 2017-2021, China has been the largest bilateral lender to Sri Lanka.

• Asian Development Bank (ADB) has been the largest multilateral lender in the past five years and disbursed funds amounting to 610 million dollars in year 2021. 

• India's Permanent Representative to the United Nations Ruchira Kamboj had said that India has provided food and financial assistance of about $ 4 billion to Sri Lanka.

• On 22 August, India provided 21,000 tonnes of fertilizers to the beleaguered Sri Lanka.

• India has been at the forefront of providing financial assistance to Sri Lanka as per requirements of this country and is one of the countries which has provided maximum assistance in times of need.

• Since the beginning of 2022, Sri Lanka has been grappling with an economic crisis.