IFC looks to support tourism, SMEs, renewable energy and agribusiness
View(s):IFC, a member of the World Bank Group, having invested US$273 million in nine projects in fiscal year 2014, is gearing to support the growth of tourism, small and medium enterprises, renewable energy and agribusiness in FY2015, officials said.
“Last year we invested to promote innovation, boost job creation, support small businesses and foster inclusive growth. With these investments, the committed portfolio in Sri Lanka is now $576 million as of June 30, 2014 – an increase of over 400 per cent from two years ago,” an IFC spokesperson told the Business Times.
“For next year (2015), the programme looks strong with a pipeline to support the growth of tourism, small and medium enterprises, renewable energy and agribusiness.”
In 2014, IFC signed its largest syndicated loan facility in Sri Lanka with long-term partner National Development Bank for $200 million, comprising a loan from IFC’s own account of $20 million, a $105 million syndicated facility with six international banks, and $75 million from five leading development financial institutions, the spokesperson said.
“This year, we invested $7 million in Senkadagala Finance PLC to help the company increase its presence particularly in the northern and eastern regions.”
IFC’s $28 million investment in leading local apparel manufacturer MAS Capital Private Ltd and its subsidiaries will support the group’s expansion and innovation plans.