HNB secures S$60 m funding for SMEs from France’s PROPARCO

Hatton National Bank PLC this week announced a landmark agreement with PROPARCO, the private sector funding arm of the French Development Bank Agence Française de Développement (AFD), to secure US$ 60 million in funding.

“We are delighted to enter into this long term loan agreement with PROPARCO at such a critical juncture in the history of the global economy. This is the second time HNB is partnering with Proparco since 2015. The agreement is a clear testimony for the confidence placed in HNB by international financial institutions especially within the context of uncertainty on account of the COVID-19 pandemic. Through this long term funding HNB will be in a position to support the much aggrieved SME segment of our nation,” Jonathan Alles, Managing Director / CEO of HNB said in media release issued by the bank.

Proparco has been supporting sustainable development for 40 years across Africa, Asia, Latin America and the Middle-East. Asia is Proparco's third region of intervention, with €388 million granted in 2019, representing 15 per cent of its commitments.

“Proparco is pleased to once again partner with HNB. Proparco’s $60 million credit line will help HNB to further support SMEs and especially in rural areas. This new operation reflects the ongoing commitment of Proparco to facilitate access to credit for job-creating SMEs,” said Guillaume Barberousse, Head of Financial Institutions & Inclusion of Proparco.