Sri Lanka’s NDB Investment Bank arranges credit facility for fuel company in the Maldives
The National Development Bank Investment Bank (NDBIB) of Sri Lanka has reportedly announced that it has arranged a US$ 12 million credit for The Hawks Private Limited, which is an importer and distributor of fuels in the Maldives.
According to reports, NDB had contributed US$ 7 million and People’s Bank had given US$ 5 million for the revolving credit.
“Uninterrupted fuel supply is crucial for the Maldivian economy given its geographical challenges,” Darshan Perera, Chief Executive of NDBIB has said in a statement.
“This is another landmark transaction adding to NDBIB’s cross-border profile showcasing our capacity and unwavering commitment towards a strong footprint in the region.”
Sujani Perera, Assistant Vice President of NDBIB has been quoted as saying that Hawks was one of the top companies in the Maldives which is outside the resort sector.
The Hawks was founded by Ahmed Rasheed Hassan in 2007 and now has 17 vessels and fuel storage tanks totalling 30,000 metric tonnes in Thilafushi Island, the local media has stated.
It has a 20 metre berth which can discharge 15,000 metric tonnes per day and Hawks also has a boatyard offering repair facilities and two hotels in Kamadhoo and Hulhumale, reports further state.
OSL take:
Sri Lanka boasts of a strong banking sector and the NDBIB arrangement of a fund facility for a Maldivian company is indicative of the strength of Sri Lanka’s private commercial banks. It is also an encouraging sign for foreign businesses/investors looking at doing business with Sri Lanka since they could depend on the backing of a strong banking sector in the island.
| Article Code : | VBS/AT/23122019/Z_7 |