India emerges as top lender to Sri Lanka in first four months of 2022

Category : Business and economics Published on: July 20 2022

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India has emerged as the top lender to Sri Lanka, extending USD 376.9 million worth credit compared to USD 67.9 million by China in the first four months of this year to rescue the island nation from the unprecedented political crisis and economic turmoil.
India's disbursements of foreign loans and grants from January 1 to April 30, 2022 were 376.9 USD million compared to China which was only 67.9 USD million.
The Asian Development Bank (ADB) used to be the second largest lender in this period.
India also emerged as the first responder under Prime Minister Narendra Modi's neighbourhood first policy when Sri Lanka was left alone by its so-called benefactors for funding support.