IFC invests $136m for inclusive growth
IFC, a member of the World Bank Group, has invested $136 million in
Sri Lanka in fiscal year 2013 to promote inclusive growth and job
creation. With these investments, IFC's committed portfolio in Sri Lanka
is now $280 million; more than double what it was two years ago. IFC's
investments and advisory projects will help over 120,000 micro, small,
and medium enterprises through easier access to finance and improved
business skills. These projects will create over 500,000 jobs by 2019.
"IFC's combined investment and advisory approach provides effective
solutions for our clients to boost economic growth and help small
businesses," said IFC Country Manager, Sri Lanka and the Maldives, Adam
Sack.
"IFC continues to scale up its program in Sri Lanka to reach more
people and help improve lives."
IFC made its largest investment in Sri Lanka's financial markets in
2013 with a $75 million 10-year subordinated loan to Commercial Bank of
Ceylon through a fund managed by its Asset Management Company. This will
increase access to finance for around 16,000 small businesses and
generate 170,000 direct and indirect jobs by 2017.
IFC also provided a 10-year, $24 million loan to the National
Development Bank PLC to help it extend financing options across all
business segments.
Another IFC investment, with Cargills Bank, will make it easier for
small business owners and farmers to access finance and will create over
90,000 direct and indirect jobs by 2019.
IFC's investment of $25 million in Softlogic Holdings PLC in 2013
will boost the company's tourism and retail operations and create jobs.
IFC's advisory services helps micro and small businesses access loans
and financing and access new markets.
An IFC project, with Sri Lanka's Credit Information Bureau, makes it
easier for around 37,000 micro and small businesses to access loans and
other forms of financing with movable assets as collateral.
IFC also assists Nations Trust Bank help around 25,000 small business
customers become more competitive with the SME Toolkit, IFC's online
training tool.
IFC's total investments in South Asia have reached $2.46 billion
across 73 projects during 2013, up 55 percent from the previous year.
In Sri Lanka, IFC will continue to focus primarily on access to
finance, infrastructure, tourism, agribusiness, and clean energy.
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