Funding Line

Jan 07, 2013 (LBO) – Sri Lanka’s LOLC Micro Credit Ltd, said it had syndicated a 55.5 million US dollar from a number of foreign development agencies. FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.), of the Netherlands had lead arranged the deal. FMO is a 20 percent shareholder of LOLC Micro Credit.

FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.), the AAA rated (S&P) Dutch Development Bank, was the lead arranger to this transaction.

The OPEC Fund for International Development, Belgian Investment Company for Developing Countries N.V., Société de Promotion et de Participation pour la Coopération Economique S. A. (PROPARCO) of France and Cordiant Capital Inc of Canada had participated.

Cordiant was lending to Sri Lanka for the first time, LOLC said. The dollar denominated loan’s currency risk has been hedged, the firm said.

LOMC said it serves a micro clientele “to alleviate poverty and uplift the living standards of a community that once considered ‘unbankable’ by formal lenders.

The company says it is the largest micro financier in North and East, the largest agriculture