DFCC – one among the successful few

DFCC Bank, for the first time in Sri Lankan Banking history, has received a rare accolade from the World Bank for its ‘remarkable’ contribution to the country’s development.

This week the World Bank’s Sri Lanka office released a publication tracing DFCC Bank’s original mandate, its role and the part it has played on the larger canvas of Sri Lanka’s economic development during the last five decades with the book titled “DFCC – One among the Successful few.” It was presented by Country Director of the World Bank, Naoko lshii to DFCC Bank Chairman J.M.S. Brito at an official ceremony in Colombo.

“The DFCC Bank is a pioneer that provided much needed medium and long term finance at a time when Sri Lanka’s financial sector was not well equipped to do so. Many of the country’s leading industrialists of that time in the textile, apparel, tourism, hydro development and food and beverages sectors, readily acknowledged the support received from the DFCC bank, especially during the nascent stages of their development,” Ishii said in her address at the launch of the book.

‘In the half century of its existence, the DFCC Bank in Sri Lanka, not only fully achieved its original goals, but proceeded to adapt itself competently to the changing business environment. DFCC’s response to the needs of more demanding and modern private sector, is a very unique example not seen in other parts of the world,” she further said.

DFCC, Sri Lanka’s pioneer Development Finance Institution (DFI) completed 50 years of operation in 2006. It has not only continued to remain viable but over the years, has transformed itself into multi-dimensional, robust financial institution.The DFCC was established as a consequence of a proposal by the first World Bank mission to Sri Lanka in 1952. (KK)