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
External debt of Sri Lankan government stood at US$ 23.1 billion by the end of April 2016
-- [8 hours ago]
Sri Lanka exports 78 tonnes of fish in a week after EU ban lifted
-- [8 hours ago]
Sri Lankan Deputy Minister in serious condition after suicide attempt
-- [8 hours ago]
Term of 23 LG bodies end today, will not be extended - Minister
-- [9 hours ago]
Norway calls on Sri Lanka to include international jurists in judicial mechanism
-- [9 hours ago]
Sri Lanka demonstrated increased efforts to prevent human trafficking in 2015, but failed to meet minimum requirements - report
Former Sri Lanka Army chief Field Marshal Sarath Fonseka joins ruling UNP
Can't remove Central Bank Governor without proving allegations against him - Prime Minister
Sri Lanka President joins Human Rights Commission's Anti-Torture Campaign
Blue Mountain joins hands with Palmer & Turner Group Singapore to launch the first ever 7-star luxury apartment complex in Sri Lanka

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.