Aug 10, Colombo: International Finance Corporation (IFC), a member of the World Bank Group, is partnering with Sri Lanka's Commercial Bank of Ceylon on a $100 million financing structure to help the bank increase lending for renewable energy and energy efficiency projects in the country. This is IFC's largest financing for its own-account in the country.
This 7-year financing to Commercial Bank will help reduce greenhouse gasses, promote energy efficiency and support the expansion of conventional and non-conventional renewable energy projects.
"IFC's multi-faceted partnership has been instrumental as we develop a green-finance business to make financing more available to our clients that want to mitigate climate-change risks and contribute to a cleaner, more sustainable environment," Commercial Bank CEO, Jegan Durairatnam said.
IFC has been a long-term advisory and investment partner with Commercial Bank. Earlier this year, the partnership was further extended with an advisory project to help the bank develop its green-finance business.
"IFC continues to innovate through our partnership with Commercial Bank by working together on our shared goals of clean, sustainable and inclusive growth," said Ariane Di Iorio, IFC's Regional Industry Manager for the Financial Institutions Group in South Asia.
"As Sri Lanka's financial sector comes together to develop a sustainable finance roadmap for the sector, IFC is keen to engage with banks that support businesses that are greener, climate friendly, and socially inclusive."
Sri Lanka is a priority country for IFC. IFC's committed portfolio in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and healthcare. IFC also provides advisory services to promote sustainable growth among small and medium enterprises by facilitating access to finance and by offering capacity-building and training opportunities.