Sri Lanka foreign export credits led by China

(Lanka Business Online, 28 November 2013, Colombo) Sri Lanka has US$1.9 billion of new bilateral and multilateral commitments up to September 2013 led by China with export credit from other countries also showing increases, a finance ministry report showed. China has committed US$517.9 million up to September, Japan US$421.5 million, Asian Development Bank US$371.2 million, the World Bank US$196.4 million, the United Kingdom US$103.7 millionand USA US$64.9 million. While Japan, the ADB and World Bank give long term loans at low interest China gives export credits at semi-commercial terms. Sri Lanka has been using large volumes of export credits and supplier finance for infrastructure from the Exim Bank of China, but other countries are now also giving larger volumes of export credits.