Portfolio Expansion

Oct 16, 2013 (LBO) - International Finance Corporation, a unit of World Bank said it had invested 136 million US dollars in private firms in Sri Lanka over the past year, doubling its portfolio to 280 million US dollars. It had also invested in Cargills Bank, a start-up.

IFC's invested 25 million US dollars i of $25 million in Softlogic Holdings Plc group to boost retail and tourism activities.

"IFC’s combined investment and advisory approach provides effective solutions for our clients to boost economic growth and help small businesses," said Adam Sack, IFC country manager for Sri Lanka and Maldives said in a statement.

"IFC continues to scale up its program in Sri Lanka to reach more people and help improve lives."

In 2013 IFC had given a 75 million US dollar in a 10-year subordinated loan to Commercial Bank of Ceylon using funds of its asset management arm. The money is expected to be used to finance around 16,000 small businesses.

IFC had also given a 10-year 24 million US dollar loan to National Development Bank.

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