Tthe Commercial Bank of Ceylon is partnering with the International Finance Corporation (IFC), a member of the World Bank Group, to significantly expand the bank’s capacity to lend SMEs nationwide.
Under this partnership, IFC will provide risk cover for a US$60 million (equivalent to over Rs. 18.5 billion) portfolio of new SME loans issued by Commercial Bank. By assuming 50 per cent of the credit risk, this facility empowers the bank to sustainably scale its lending capacity. This agreement comes at a time when Sri Lanka is consolidating recovery and capitalising on emerging growth opportunities across key sectors, the bank said in a media release.
The Risk Sharing Facility (RSF) will prioritise women-led enterprises and agri-businesses. This targeted approach directly promotes financial inclusion while strengthening productive sectors essential to Sri Lanka’s long-term resilience and economic expansion.
Supported by the IDA Private Sector Window Blended Finance Facility, through the Small Loan Guarantee Program (SLGP), the Facility further enables the bank to adopt a more flexible approach to credit assessment.
Commenting on the collaboration, Sanath Manatunge, Managing Director/CEO of Commercial Bank said: “This risk sharing facility with IFC represents a powerful vote of confidence in Commercial Bank’s long-standing commitment to Sri Lanka’s SME sector. As the country navigates post-crisis recovery, sustained access to credit is essential for small and medium enterprises to rebuild, adapt and grow.”
Above: Sanath Manatunge, Managing Director/CEO of Commercial Bank and Allen Forlemu, IFC Regional Industry Director for Financial Institutions Group – Asia and the Pacific, at the signing of the agreement.
An Attorney at law and his wife was shot dead in the car park of a super market in Akuregoda today evening.
Leave Comments