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| Sunday, 9 June 2002 |
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| News Business Features Editorial
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New Swedish credit facility from NDB The Swedish International Development Cooperation Agency has approved a credit facility on concessionary terms amounting to Rs. 1 billion for the financing of goods and services of Swedish origin imported from Sweden by enterprises in Sri Lanka. The objective of the credit facility is to support the economic and social development of Sri Lanka by promotion of viable industrial enterprises and infrastructure projects in the country. The National Development Bank (NDB) has been nominated to implement the scheme, and will channel the funds to eligible projects. Eligible projects under this scheme will include industries based on local raw material in developing areas, investments in environmental protection, energy, transport and communication projects including computer equipment, manufacturing of agricultural inputs, implements and machinery and processing of agricultural outputs, manufacturing of mass consumption goods, manufacturing of tools and capital equipment, rehabilitation and modernisation projects, the maritime sector and health sector. The projects must be economically, financially and technically sound. Finance of up to Rs. 400 million per enterprise will be available for the purchase of capital equipment, machinery and services, of which at least 50 per cent must be of Swedish origin. Projects deemed to have negative environmental impact will not be eligible for financing under the agreement. Over the past several years, NDB has been instrumental in negotiating and administering a series of successful international credit lines, notably in the areas of finance for small and micro-scale industries and environmental projects. While the NDB Group is expanding the range of financial products and services offered to customers, it has constantly re-affirmed its commitment to project-based lending, particularly through the facilitation of concessionary lines of development finance. |
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