US DFC approves $120M in new loans and investments for SL

Sri Lanka
By Editor_1
0

COLOMBO – The US International Development Finance Corporation (DFC) has approved US$ 120 million in new loans and investment to grow and support the Sri Lankan economy, the US Embassy in Sri Lanka announced on Wednesday (15).

The loans and investments would include a US$100 million direct loan to the Commercial Bank of Ceylon to expand lending to micro, small, and medium-sized enterprises (MSMEs) and address the credit gap for women-owned businesses, which represent 25% of MSMEs in Sri Lanka, a US $15 million loan to BPPL Holdings PLC, a polyester yarn manufacturer incorporating recycled plastic materials, and a $5 million loan to MA’s Tropical Food Processing (Private) Limited, a sustainable food company.

The loan to BPPL Holdings will support increased production and strengthen Sri Lanka’s recycling infrastructure in support of efforts to reduce plastic waste in Sri Lanka, while the local to MA’s will help  strengthen Fair Trade practices in Sri Lanka and create new jobs, with an emphasis on increasing women’s employment.

US Ambassador to Sri Lanka, Julie Chung, noting that the United States has, for seventy years, provided foreign assistance, loans, and trade opportunities to help grow the Sri Lankan economy and support the Sri Lankan people, described Wednesday’s announcement as good news for the private sector, as the US$ 120 million will reach small and medium-sized business and help provide equity, jobs and futures.

The new loans build on DFC’s existing portfolio in Sri Lanka of nearly $300 million in funding for the MSME sector over the past two years.

DFC CEO Scott Nathan said the diverse set of transactions announced on Wednesday will make real impact across a range of sectors and development challenges, adding, “These transactions showcase how DFC strategically catalyzes private capital where it matters most.”

Around the world, DFC partners with the private sector to finance solutions to critical challenges, investing across sectors including energy, health care, critical infrastructure, and technology.  DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets.  DFC investments adhere to high standards and respect the environment, human rights, and worker rights.

A statement from the US Embassy in Sri Lanka said announcements may be subject to congressional notification in Washington and other administrative approvals and that information will be made available when funds are ready for disbursement.

-ENCL

Editor_1
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