Colombo, Sri Lanka, August 31, 2017
—IFC, a member of the World Bank Group, is extending a $50-million financing facility to Sri Lanka’s Nations Trust Bank PLC. The funds will enable the bank to expand its lending in the Small and Medium Enterprise segment across the country. This will boost access to finance for SMEs, helping to create jobs and increasing overall economic growth in the country.
The long-term nature of the facility will further improve the bank’s liquidity profile.
"In a country where SMEs contribute more than half of the country’s GDP, our partnership with IFC will help SMEs in Sri Lanka grow,” said Renuka Fernando, Chief Executive Officer, Nations Trust Bank PLC. “The IFC loan brings the required long-term financing for the Nations Trust Bank to grow significantly in this segment.
Despite being a key driver of economic growth in Sri Lanka, a large number of SMEs still lack access to adequate financial services. IFC supports Sri Lankan financial institutions that have widespread distribution channels, helping them reach underserved segments and widen their access to credit, savings and other financial products.
“We are proud to partner with Nations Trust Bank as they expand their portfolio and network to provide small businesses with better access to a range of financial services,” said Amena Arif, IFC Country Manager for Sri Lanka and Maldives. “In addition to narrowing the SME-financing gap, this partnership fits well within IFC’s strategy in Sri Lanka to boost financial inclusion across the country.”
IFC’s committed portfolio in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and healthcare. IFC also provides advisory services to promote sustainable growth among SMEs by facilitating access to finance and by offering capacity-building and training opportunities.
About Nations Trust Bank
Nations Trust Bank PLC is amongst the top 25 business establishments in Sri Lanka, ranked by Business Today Magazine and is the benchmark for customer experience, ably providing a host of financial products and services to a wide range of customers. Nations Trust Bank operates 93 branches across the country, boasting an ATM network covering 137 locations plus more than 3,500 ATMs on the Lanka Pay Network and is the issuer and sole acquirer for American Express® Cards in Sri Lanka.
About IFC
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, we delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity. For more information, visit
www.ifc.org
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