IFC’s largest financial markets investment in Sri Lanka to date, the facility is also the first future flow-backed financing done for a bank in South Asia, and is expected to help about 20,000 small businesses, create improved economic conditions that reduce poverty, and improve access to credit in underserved areas, including the north and east of Sri Lanka, a statement from the bank added.
The agreement was signed in Colombo last week with visiting IFC Vice President – Asia Pacific Karin Finkelston and Commercial Bank Managing Director Amitha Gooneratne as principal signatories. Central Bank Deputy Governors K. G. D. D. Dheerasinghe and Ananda Silva, Commercial Bank Chairman Mahendra Amarasuriya and senior officials from the IFC and the bank witnessed the event.
Speaking at the ceremony, Commercial Bank Managing Director Amitha Gooneratne said the US$ 65 million facility would not only improve the bank’s operations, it would also be very beneficial to the country and serve as a catalyst for other financial institutions to structure similar facilities.
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