Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* IFC's $125 million financing to National Development Bank to boost financial access in Sri Lanka
Tue, Apr 1, 2014, 11:30 pm SL Time, ColomboPage News Desk, Sri Lanka.

Apr 01, Colombo: International Finance Corporation (IFC), a member of the World Bank Group, is providing a US$125 million financing package to Sri Lanka's National Development Bank PLC (NDB) to expand access to finance for over 50,000 micro, small and medium enterprises over the next four years, IFC and NDB said in a joint statement.

The financing package includes a loan from IFC's own account of US$20 million, and US$105 million from Union National Bank of UAE, US$ 25 million each from HSBC and Standard Chartered Bank, US$ 15 million from Axis Bank, India and US$ 10 million each from Doha Bank, Qatar and Bank Muscat, Oman.

Additionally, another $70 million will be raised from other international developmental financial institutions by June 2014.

This is IFC's largest investment, as well as its largest syndication in the country. HSBC was the strategic advisor to the syndication.

"IFC's funding will add much-needed funding support to NDB's lending program, helping scale up our loan portfolio across the country. We are delighted to see how our partnership with IFC has progressively created significant value to our business model" said Rajendra Theagarajah, Director and Chief Executive Officer, NDB.

"The investment demonstrates NDB's ability to raise funds at rates that make commercial sense from global banks and institutions that have partnered IFC under this loan facility."

"IFC's syndication for NDB demonstrates growing investor confidence in Sri Lanka, and will help NDB expand financing options across the country for small and medium enterprises," said Adam Sack, IFC Country Manager for Sri Lanka and Maldives.

The 125 million US dollars had an average tenor of over 5 years and allowed the NDB to lend a part of the funds for up to 6-7 years.

"IFC's syndication for NDB demonstrates growing investor confidence in Sri Lanka, and will help NDB expand finance options across the country," Adam Sack, IFC's country manager said.

Last year, IFC extended a loan for $24 million to NDB to support the bank's growth plans generating employment opportunities and providing access to long term funding to small businesses.

ColomboPage - Recent 10 Stories
Sri Lanka small tea growers get guaranteed price for raw tea leaves from today
-- [28 minutes ago]
Sri Lankan President orders to reinstate laid-off RDA employees
-- [1 hour and 2 minutes ago]
Sri Lanka's progress in ICT highlighted at global gathering
-- [2 hours ago]
Sri Lankan Prime Minister offers prayers at Guruvayur Temple
-- [3 hours ago]
Sri Lankan authorities reach agreement on continuing with the Lotus Tower project
-- [3 hours ago]
Sri Lankan Minister says country no longer has any second class citizens
-- [3 hours ago]
Sri Lanka welcomes Dutch investments in high-tech industries
-- [9 hours ago]
Sri Lanka provides aid to Vanuatu cyclone victims
-- [9 hours ago]
UPFA expected to meet Sri Lankan President to discuss 19th Amendment to the Constitution
Sri Lankan Prime Minister leaves for India

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.