Oct 07, 2011 (LBO) – Sri Lanka’s NDB Bank has got a 21 million US dollar loan from German development finance institution DEG mainly for lending to small and medium enterprises. The five-year long term loan from Deutsche Investitions – und Entwicklungsgesellschaft of Germany to will enable NDB Bank to enhance its lending especially to SMEs in rural areas.
The foundation of a country’s growth lies on Small and Medium Enterprises and it is common to both developed and developing nations,” said Russell De Mel, chief executive of NDB Bank.
“SME’s are the bedrock of employment generation and economic stimulation. In the post-war era, economic development has to spread not only to the urban and metro areas of the country but also to rural areas.
“Thus, NDB Bank has planned for significant branch expansion focusing on potential rural economies.”
Nilam Jayasinghe, NDB Bank’s Vice President, Finance Planning and Treasury. Jayasinghe said that during the first half of this year, the bank’s loans and advances have grown by 23 percent while maintaining strong asset quality.
The agriculture, trading, exports and manufacturing sectors are being targeted by N