DFCC Bank to administer European Investment Bank's loan
The Government has appointed DFCC Bank to administer the credit line
of EUR 90 million extended to Sri Lanka by the European Investment Bank.
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Finance Ministry Secretary
Dr. P. B. Jayasundera |
The management mandate agreement and the on-lending agreement were
exchanged between DFCC Bank and the Ministry of Finance and Planning
recently. The European Investment Bank (EIB) is owned by the member
states of the European Union.
DFCC Bank, the country’s pioneer development bank with a 60-year
track record has had a longstanding relationship with EIB, and in the
past had dedicated two credit lines exclusive to DFCC amounting to EUR
40 million followed by EUR 50 million.
The DFCC also managed the multi bank EUR 60 million EIB post tsunami
credit line.
Ministry of Finance and Planning, Secretary Dr. P.B. Jayasundera
said, “While the credit line will give an impetus to the long-term
funding base of the country, Banks are encouraged to find other avenues
of raising funds overseas to meet their funding needs.”
Funds from the credit line will be used to develop the Small and
Medium Enterprise (SME) sector and encourage renewable energy based
power generation schemes and energy efficiency measures. |
