NDB secures US $ 24 million IFC loan

Redbulls · 1 NDB secures US $ 24 million IFC loan Tue Jun 18, 2013 4:39 pm

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IFC, the private sector investment arm of the World Bank Group has extended a US $ 24 million tenor loan to National Development Bank (NDB), the bank said in a statement.

IFC’s funding will enable the bank to extend financing options across all business segments, generating employment opportunities and providing access to long term funding to small businesses, the bank said.

“IFC’s investment brings the required long-term financing which will help NDB to promote the much needed investments within the country while bringing global best practices and sector knowledge to further strengthen our internal capacity” NDB Chief Executive Russell De Mel said.
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The World Bank’s private sector arm the International Finance Corporation (IFC) is extending a 10 year loan for US$ 24 million to National Development Bank PLC (NDB) to support the bank’s growth plans. IFC’s funding will enable the bank to extend financing options across all business segments, generating employment opportunities and providing access to long term funding to small businesses, a statement said.

"IFC’s investment brings the required long-term financing which will help NDB to promote the much needed investments within the country while bringing global best practices and sector knowledge to further strengthen our internal capacity," stated Russell De Mel, Chief Executive Officer, NDB. He further stated that the bank’s performance in the recent years has been impressive as a result of the continued focus on achieving a number of main objectives, including key initiatives aimed at developing the SME and retail segments and expanding the distribution network. The bank also continues to work on a number of IT initiatives which will enable NDB to offer service enhancements for its customers and bring sustainable improvements in its operational efficiency.

Taking into consideration the importance of SMEs to the national economy, NDB has dedicated over 30 years of customized financial expertise to this sector. In its twofold strategy for developing the sector, the bank focuses on providing efficiently structured, cash flow based, tailor made funding schemes while improving the management skills of small business owners through advisory services and regional entrepreneurship training programmes. The bank has to date funded over 100,000 SME ventures creating more than 1,000,000 employment opportunities. NDB also supports financial inclusion of the lower end of the industry through micro financing. In this direction, the launch of an effective livelihood development programme called Divi Aruna in 2010, has to date supported over 600 families.

This investment is part of IFC’s strategy to support Sri Lanka’s banking sector across emerging markets to make financing more accessible to small businesses.

"As Sri Lanka’s economy grows, it is important that small businesses have access to affordable financing options," said Adam Sack, IFC Country Manager for Sri Lanka and Maldives. "Through this investment, NDB aims to generate close to 40,000 new loans for micro and small enterprises."

"IFC has had a long standing relationship with NDB. Through a series of investment and advisory projects with IFC, the bank has increased its capacity to lend to small businesses, instituted guidelines for a consumer risk management framework, and financed renewable energy projects, including mini-hydro and wind power projects in Sri Lanka," the IFC said.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=81616