Tsunami Line

Feb 03 (LBO) – Sri Lanka’s DFCC Bank is in line to pick up over €70million worth of concessionary funding lines this year, as it looks for ways to expand its loan book, a top official said Thursday. Germany’s flagship public development bank Kreditanstalt für Wideraufbau (KfW), is leading the way, with a €5.45 million for micro finance activities in the North and East.

The European Investment Bank (EIB) is in the process of finalising a €70million loan agreement, to fund rebuilding activities in tsunami hit areas.

“We should be able to offer both these funding lines shortly, around mid-April,” DFCC Bank’s Chief Executive, Nihal Fonseka told LBO.

DFCC Bank will act as the apex body for both credit lines.

The EIB credit line forms part of the assistance pledged by the European Union towards Sri Lanka’s tsunami relief work.

Nearly 31,000 people died and a million were left homeless during the December 2004 tsunami, which hit the island’s south, east and northern coastal lines.

The seismic wave left the government with a US$3.2 billion repair bill and international donors have pledged US$ 2.2 billion towards relief efforts.

Of the EIB loan, Fonseka says â