India lent $220 mn to Ireland, Portugal, Greece

India lent about $221 million to three heavily indebted European countries — Ireland, Portugal and Greece — in the six months ended March.

With $148.35 million, Ireland had the lion’s share of the loan amount.

It was followed by south European nation Portugal at $53.21 million and Greece at $19.44 million, according to the Reserve Bank of India’s half yearly report on management of foreign exchange reserves.

The International Monetary Fund had designated India as a creditor under its financial transaction plan in February 2003.

During October 2011-March 2012, there were four purchase transactions under this plan. Total purchase transactions since May 2003 till March 2012 amounted to $2,407 million.