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Sri Lanka : IFC made US$136m investments in FY2013 in SRI LANKA to promote overall growth.

With an aim to encourage comprehensive growth and generation of jobs in Sri Lanka, the International Finance Corporation (IFC), the private sector lending arm of the Washington-headquartered World Bank, has made $136 million investments in the island nation in FY2013.

The new investments have increased the IFC s committed portfolio in the country to $280 million now, reflecting a twofold growth from the figures of two years back, according to a statement issued by the financial institution in last week.

The statement has also revealed that IFC s investments and advisory projects will be beneficial for over 120,000 micro, small, and medium enterprises as these will make simpler access to finance and better their business proficiencies. These projects will facilitate in the generation of above 500,000 jobs by 2019.

The IFC Country Manager (Sri Lanka & Maldives) Adam Sack stated, IFC s combined investment and advisory approach provides effective solutions for our clients to boost economic growth and help small businesses.

IFC continues to scale up its program in Sri Lanka to reach more people and help improve lives, added the official.

The World Bank Group member had done its biggest venture this year in the country s financial markets through a 10-year subordinated loan of $75 million to Commercial Bank of Ceylon via a fund controlled by its Asset Management Company. This will boost financial access to about 16,000 small businesses and create 170,000 jobs, both direct and indirect, within 2017.

IFC has also delivered a $24 million 10-year loan to National Development Bank PLC to facilitate it expand financing opportunities throughout business divisions.

Cargills Bank has also received IFC investment, which will create easy access to finance for small business owners and cultivators plus produce more than 90,000 jobs, directly and indirectly, by 2019.

This year, IFC has also invested $25 million in Softlogic Holdings PLC to facilitate the company to enhance tourism and retail operations plus generate jobs.

The advisory services rendered by the IFC create easier access to loans and financing and new markets for the micro and small business owners.

The IFC project jointly with the Credit Information Bureau of Sri Lanka creates simpler access to loans and other types of financing with movable assets as collateral for about 37,000 micro and small businesses. The financial institution also supports Nations Trust Bank to improve the competitiveness of about 25,000 small business clients with the SME Toolkit, the online training device of IFC.

Overall investments of the IFC in the South Asian region have hit the figure of $2.46 billion covering 73 projects in 2013, a 55% growth from last year.

IFC will maintain its attention chiefly on access to finance, infrastructure, tourism, agribusiness, and clean energy in the Sri Lankan territory.

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Publication:Mena Report
Geographic Code:9SRIL
Date:Oct 23, 2013
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