India positioned first in ADB loan chart 2010

By siliconindia   |   Wednesday, 02 February 2011, 11:49 Hrs
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Bangalore: India has been regarded as the top borrower by ADB, the international development finance institution "whose mission is to help its developing member countries reduce poverty and improve the quality of life of their people", during the calendar year 2010. About 9 months ago, the country had made what is touted as a 'roles reversal' move by lending $10 billion to one of the Bretton Woods twins, International Monetary Fund (IMF). This move has resulted in boosting the country's image to a large extent as an emerging market power house since IMF had bailed out India from a payment crisis in 1999, which had open the floodgates of reforms and openness in the economy. As stated, according to numbers, India had cornered the giant share of the loans spent by the international lending agency in 2010 accounting for close to 23 percent of the total loans disbursed by ADB. As per the numbers, the country has received loan of $1,737.58 million out of the total loan of $7,693.23 million sanctioned by ADB during 2010. Bangladesh finished as a distant second with a loan of $1,249 million accounting for 16.24 percent of the total ADB loan, followed by China with $970.88 million or 12.62 percent of the outstanding loan amount. The relatively poorer countries like Sri Lanka, Pakistan and Nepal received paltry sums from ADB as development loans. While Sri Lanka got $457.17 million or 5.94 percent of the loan during 2010, Pakistan got $270 million or 3.51 percent of the total credit line from ADB. Similarly, Nepal too got a negligible sum of $154.9 million or 2.01 percent of the total ADB credit line.