Sri Lanka loan disbursements reach 440mn up to April
Jul 07, 2017 10:42 AM GMT+0530 | 0 Comment(s)
ECONOMYNEXT - Sri Lanka has drawn down $440.6 million from foreign loans in the first four months of 2017, up from $311.8 million a year earlier, with China leading, official data shows.
In new loans, the World Bank and Europe provided the most funds. There were no major Chinese commitments during the first four months, Treasury data shows.
Chinese projects saw $170.1 million being disbursed, followed by Japan with $27.8 million. France gave $10.8 million, India $10.5 million, the UK via Deutsche Bank gave $10.6 million and Spain $10.5 million.
From multilateral lenders, ADB projects saw $72.1 million being drawn down, the World Bank's International Development Association window $61.5 million and the International Bank for Reconstruction and Development $11.8 million.
There are $8.02 billion of committed loans waiting to be disbursed over the next 3-5 years. A loan will typically be disbursed over several years as project construction or reforms progresses.
Up to April 2017, 10 loan agreements worth $244.1 million were committed.
The World Bank has committed $119.4million, the European Investment Bank $53.4 million, the European Community $4.8 million, Korea $13.0 million and Japan $11.2 million.