Sanasa Bank to get IFC advice on small businesses and cooperatives

Sep 07, 2015 (LBO)International Finance Corporation (IFC), a member of the World Bank Group, will provide advisory services to Sanasa  Development Bank as it expands into micro and small businesses, cooperatives, and retail clients, a media release said.

“Sanasa Development Bank’s growth strategy involves long-term sustainable growth in three important sectors, SME, retail, and cooperative to make financing more accessible to a larger number of people,” Nimal C Hapuarachchi, Chief Executive Officer of SANASA Development Bank said in the statement.

“A transition of this depth requires strong and timely partnerships.”

IFC has been an advisory partner with the development Bank since 2010 and also invested in its equity in 2012. Over the next two years IFC’s assistance will strengthen the bank’s overall operational capabilities and risk management framework, the statement said.

“Importantly, the bank will now reach more rural small businesses across the country, boosting financial inclusion,” it said.