IFC to lend USD 100 million to Commercial Bank for energy financing projects
International Finance Corporation (IFC), a member of the World Bank in its largest financing project in Sri Lanka intends to grant a 7-year loan of USD 100 million in accordance with current market interest rates to the Commercial Bank of Ceylon to provide financing for renewable energy and energy efficient projects in the country.
Commercial Bank will offer loans for sustainable energy generating projects and determineinterest rates as per its discretion.
IFC also assisted Commercial Bank on an advisory project to develop its green-finance business in accordance with its objective of promoting sustainable and inclusive growth, and is reported to be interested in engaging banks that support socially sustainable businesses.
With IFC considering Sri Lanka a priority country, its Sri Lankan portfolio covers infrastructure, tourism, renewable energy, finance, and healthcare related projects. It also provides advisory services to small and medium-sized enterprises (SMEs) to promote sustainable growth by facilitating access to finance and offering capacity-building and training opportunities.
The availability of financing options will provide entrepreneurs with opportunities to venture into sustainable energy generation projects. Also, IFC’s Sri Lankan portfolio offers options for venturing into other sectors.
|Article Code :||VBS/AT/28082017/Z_5|