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IFC, Commercial Bank in US $ 65 m facility for SMEs

Friday, December 2, 2011

The International Finance Corporation (IFC), World Bank Group member, the latter is the credit expansion of Commercial Bank in Sri Lanka PLC, a seven-year, U.S. $ 65 million (Rs 7.4 billion) credit facility to extend the small and medium enterprises (SME).

Until now, Sri Lanka, IFC the largest financial markets, investment, convenience, and South Asia, a bank that flow to fund the future, and, 20,000 for small businesses to help poverty reduction to improved economic conditions and development, and improvements are expected in northern and Sri Lanka East and undeserved areas, credit to the access .

The signatories to the Asia Pacific managing director Karin Finkelston and Commercial Bank Amitha Gooneratne - IFC Vice President of milestone funding agreement was signed in Colombo last week.

Managing Director of Commercial Bank Amitha Gooneratne only U.S. $ 65 million facility would not improve the bank's operations, which are very beneficial to the country and construction of similar facilities to other financial institutions to serve as a catalyst.

IFC will provide you with this new system, its first investment in the bank for business banking in 2003, IFC established a strong relationship with that.

"Post-conflict development in the country's need to run through all the states," Gooneratne added.

"2012 places emphasis on the SME sector and the national budget for the development of SME lending by banks involved have special privileges."

Asia Pacific, IFC Vice President for the car Finkelston said: "IFC at the time, we continued private sector support for the innovative ideas to present. Mercantile Bank project SME growth and financial inclusion and encouraging toward our strategic agenda, the valid matches. Asia, we first future flow-backed plan We hope to duplicate anywhere else in the system. "
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