ADB to fund infrastructure development

HNB entered into a landmark agreement with the Asian Development Bank (ADB) to raise US $ 100 million by way of a seven-year senior debt. This is the largest transaction by ADB with a Sri Lankan private sector bank and the funds raised would be deployed towards infrastructure development projects with an emphasis on renewable energy, power and irrigation which are key sectors in the economic resurgence of Sri Lanka.

ADB which was founded in 1966, has been driven by an inspiration and dedication to improve people's lives in Asia and the Pacific. It is committed to help developing member countries to evolve towards modern economies that are well integrated with the rest of the world.

Managing Director and CEO, HNB PLC, Jonathan Alles said, "We are delighted to partner with ADB to raise long-term funding for the Bank. This is testimony to the trust placed by international investors and funding institutions in HNB."

"Since 2012, HNB has raised nearly Rs 30 billion from foreign sources at attractive rates and this clearly demonstrates the Bank's sustainable business model, robust growth trajectory, strong capital structure and its lead position in the banking industry," he said.

"Sri Lanka in its journey of reaching upper middle class status will spur growth in corporate and SME investments and the availability of infrastructure would be a key enabler. We as a leading private commercial bank are pleased to facilitate these developments with the ADB," he added.

The agreement was signed in Colombo by Director Mrs Rose Cooray and Managing Director and CEO Jonathan Alles on behalf of HNB and by Country Director Ms Sri Widowati on behalf of ADB.

HNB was recently awarded by the Asian Banker Magazine as the 'Best Retail Bank in Sri Lanka', which is the seventh occasion the Bank won this award.

HNB was also awarded as the 'Bank of the Year in Sri Lanka' for 2012 and 2013 by the Banker Magazine of UK.