Sri Lanka’s Pan Asia Bank secures USD33Mn for green lending business

pan-asia-bank

Oct 11, 2017 (LBO) – Sri Lanka’s Pan Asia Banking Corporation (PABC) has secured a US 33 million dollar funding arrangement with the Global Climate Partnership Fund, the bank said in a statement.

The funding will be used to enhance the green lending business of PABC.

PABC said already US 20 million has been released and the balance 13 million dollars will be disbursed on or before 31 December 2017.

The loan is a floating rate facility, with interest re-priced semi-annually with a tenor of seven years.

It said the external borrowing lines will not be convertible into any form of equity instrument and the lenders of the proposed funds will not enjoy any priority over the other debenture holders of the bank.

The lender will also not have any special rights over the debenture holders of the bank in any manner detrimental to the holders of such security.

The German Federal Environment Ministry, KFW, the Ministry of Foreign Affairs of Denmark and the IFC are among the top investors of the investment fund which provides financing for sustainable energy projects.