June 18, 2013 (LBO) – Sri Lanka’s National Development Bank Plc said it had got 24 million US dollars through a 10-year loan from the International Finance Corporation, a multilateral lender which will be used to finance small businesses. “IFC’s investment brings the required long-term financing which will help NDB to promote the much needed investments within the country,” chief executive Russell De Mel said in a statement.
He said IFC support will also strengthen international sector knowledge, internal capacity and bring in global best practices.
NDB will provide long term funds to small businesses with the loan.
“As Sri Lanka’s economy grows, it is important that small businesses have access to affordable financing options,” Adam Sack, IFC’s country manager for Sri Lanka said.
“Through this investment, NDB aims to generate close to 40,000 new loans for micro and small enterprises.”
NDB said it had funded over 100,000 small and medium enterprises over the past 30 years helping create about a million jobs and also improved the management skills of small business owners through advisory services and regional entrepreneurial training programs.