Commercial Bank partners EIB credit line
View(s):The Commercial Bank of Ceylon has entered into an agreement with the European Investment Bank (EIB) to finance Small and Medium Enterprises (SMEs), Energy Efficiency (EE) and Renewable Energy (RE) projects under the EIB SME Green Energy Credit Line extened to the Government of Sri Lanka.
The minimum project size eligible for SME financing will be Rs 18 million and Rs 90 million for projects in the Energy Efficiency and Renewable Energy categories, the bank said in a statement. Up to 50 per cent of the project could be considered for financing under this credit line, and beneficiaries can obtain facilities for a longer repayment period and enjoy an attractive lending rate of 8 per cent p.a.
Construction, renovation or extension of factories or commercial buildings, procurement of machinery, and incremental working capital are the key activities eligible for financing under this credit line.
“The segments covered by this refinancing scheme are of critical importance to the national economy, and we are therefore extremely pleased to participate in the disbursement of this credit line,” Commercial Bank’s Managing Director/CEO Ravi Dias said. “The bank has always been deeply committed to supporting the SME sector, and is now increasingly involved in promoting energy efficient and sustainable businesses.”