Sri Lanka’s Alliance Finance secures US$ 10 million from Netherlands’ FMO - Opportunity Sri Lanka
Sri Lanka’s Alliance Finance secures US$ 10 million from Netherlands’ FMO

Sri Lanka’s Alliance Finance secures US$ 10 million from Netherlands’ FMO

Daily News: Sri Lanka’s oldest finance company, Alliance Finance Company PLC (AFC), has received the second tranche of US$ 5 million from the Dutch Entrepreneurial Development Bank (FMO) as part of a long-term financing facility of US$ 10 million to expand its growing portfolio of MSME business.

AFC secured this US$ 10 million facility from the Dutch entrepreneurial development bank FMO in mid-2021 and received the first tranche of US$ 5 million on July 1, 2021 With an investment portfolio of EUR 6.3 billion, FMO is one of the largest European bilateral private sector development banks with investments in 85 countries. This financing series is also a significant development for the country’s MSME sector, which is considered as the backbone of the economy. Romani de Silva, Deputy Chairman and Managing Director of AFC said.

“This is an important milestone for AFC’s MSME focused business strategy and we are encouraged and excited by FMO’s partnership in our MSME plans. AFC-FMO partnership to develop the MSME sector in the country confirms AFC’s growing international credibility.”

“Last year AFC became the first certified financial institution in South Asia for holistic sustainability in the Banking and Finance sector, governed under the EOSD International Council of Sustainability Standards for Value-

OSL take:

The funds secured by Sri Lankan financial institutions from international agencies is indicative of the strength and growth of Sri Lanka’s financial institutions. Sri Lanka’s overall economy is on a growth path with several key economic sectors showing growth rates despite facing pandemic challenges. Sri Lanka’s ongoing aggressive development programme, the country’s geographical positioning in the Indian Ocean and the many trade agreements as well as concessions enjoyed have also helped boost the business/investment opportunities in the country. Foreign businesses/investors could therefore confidently explore the growing opportunities in Sri Lanka.

Article Code : VBS/AT/31122021/Z_3

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