DFCC Bank eyeing more Green Bonds
DFCC Bank on the back of the inaugural issuance of Green Bonds on the Colombo Stock Exchange (CSE), is exploring similar opportunities overseas, top officials said.
“We are looking at launching a similar green bond in Europe,” Thimal Pereira, CEO DFCC Bank told The Sunday Times Business recently. He added that these plans are at a very nascent stage and are not yet firmed up. The current Green Bond by DFCC, symbolising a key step toward promoting sustainable finance in Sri Lanka is a Senior, Listed, Rated, Unsecured, Redeemable 3-Year Green Bond aiming to raise to Rs. 2.5 billion. It was oversubscribed on the opening day. The initial issue twenty million bonds, each with a par value of Rs. 100 and offering a fixed interest rate of 12 per cent per annum, paid annually.
At the launch, delivering the opening remarks, Dilshan Wirasekara, Chairman CSE, emphasised that Sri Lanka has launched its first corporate Green Bond, marking a significant milestone in the country’s capital markets. The issue, which closed just hours after opening, aims to increase renewable power generation from 50 per cent to 70 per cent by 2030.
Mr. Perera said that certain local partners have also approached them to do a similar bond.
Takafumi Kadono, Country Director for Sri Lanka, Asian Development Bank (ADB), emphasising the importance of this initiative, said that a sustainable bond market can significantly enhance social and economic resilience to climate-related impacts, attracting private capital for climate mitigation and adaptation.
Jegan Durairatnam, Chairman DFCC emphasised the importance of investors supporting sustainable projects and emphasised the need for continued collaboration in advancing green investments in Sri Lanka.
In 2020, DFCC launched a Sustainability Strategy as Sri Lanka’s first bank to do so and became the only entity accredited by the Green Climate Fund (GCF), securing US $ 250 million for climate projects.
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