Colombo, Sri Lanka, March 31, 2014
— IFC, a member of the World Bank Group, is providing a $125 million syndicated
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.
The package includes a loan from IFC of $20 million, and a $105 million
syndicated facility from a group of international banks including Union
National Bank, UAE ($25 million), HSBC ($25 million), Standard Chartered
Bank ($20 million), Axis Bank, India ($15 million), Doha Bank,
Qatar ($10 million), and Bank Muscat, Oman ($10 million). Additionally,
$70 million will be raised from other international developmental financial
institutions by June 2014.
"IFC’s funding will support NDB’s lending program, helping to scale
up our loan portfolio across the country," said Rajendra Theagarajah,
Director and Chief Executive Officer, NDB. “It demonstrates NDB’s ability
to raise funds from global institutions that have partnered IFC under this
Easier access to finance is critical for the growth of small businesses.
This is IFC’s largest syndicated loan package in Sri Lanka.
“IFC’s syndication for NDB demonstrates growing investor confidence in
Sri Lanka,” said Adam Sack, IFC Country Manager for Sri Lanka and Maldives.
“Increased access to finance for small businesses helps creates jobs,
and boosts economic growth.”
Last year, IFC extended a loan for $24 million to NDB to support the bank’s
plans to provide access to long-term funding to small businesses and generate
employment opportunities. NDB is one of the fastest growing banks in Sri
Lanka, with operations in Maldives and Bangladesh.
IFC’s committed portfolio of $415 million 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.
IFC, a member of the World Bank Group, is the largest global development
institution focused exclusively on the private sector. Working with private
enterprises in more than 100 countries, we use our capital, expertise,
and influence to help eliminate extreme poverty and promote shared prosperity.
In FY13, our investments climbed to an all-time high of nearly $25 billion,
leveraging the power of the private sector to create jobs and tackle the
world’s most pressing development challenges. For more information, visit