Oct 19, 2013 (LBO) – Sri Lanka’s Citizens Development Business Finance, said it had got a 6 million US dollar credit line (780 million rupees) from a Belgian development finance agency. Carole Maman, financial sector director for BIO said CDB offered financial services to rural bottom-of-the-pyramic cystomers.
“We appreciate the motivation and quality of CDB’s staff and management and its commitment to uplifting the skills and professional experience of its full staff.”
Amsterdam based Currency Exchange Fund (TCX) had hedged the currency risk of the loan to BIO. BIO is a shareholder of TCX.
“We have been actively focused on Sri Lanka for the past few years to promote local currency investments via our shareholders,” TCX’s Jerome Pirouz was quoted as saying in the statement.
Belgian Investment Company for Developing Countries (BIO) has given 4-year funding, the firm said, which will allow asset liability mismatches to be reduced.
CDB said the funds came after a field survey covering financial fundamentals, governance structures and the company’s model of having urban funding and being net rural lender.
“…[W]e firmly believe that we could convert this firs