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Colombo, May 31, 2017
– IFC, a member of the World Bank Group, signed a Memorandum of Understanding (MoU) with the Central Bank of Sri Lanka (CBSL) to enhance and develop environmental and social risk management and sustainable financing practices for Sri Lanka’s financial sector, an important step in IFC’s global efforts to promote sustainable finance.
As a new member of IFC’s Sustainable Banking Network (SBN), the Central Bank will benefit from the experience and knowledge of other members, while receiving technical support in green finance from IFC, a global leader in environmental and social standards.
Sri Lanka is unique, with 18 banks already adopting 11 voluntary principles, under the leadership of the Sri Lanka Banks’ Association. The MoU signed by both parties provides a clear vision for cooperation and a commitment to a path forward for the sustainable finance journey in Sri Lanka.
“We see a great opportunity for Sri Lankan banks to support greener, cleaner projects aligned with climate change impacts. We also welcome the cooperation and technical expertise shared by IFC and the Sustainable Banking Network,” said Dr. Indrajit Coomaraswamy, Governor, Central Bank of Sri Lanka.
Under this partnership, the Central Bank will collaborate with SBN to develop a sustainable finance roadmap to guide the local banking and finance industry; strengthen the capacity of the banking sector to implement such practices; facilitate knowledge sharing with other SBN members; and promote green investment in the island nation.
“IFC and the SBN experience has demonstrated how important it is to adopt practices that put environmental, social and corporate governance considerations at the center of efforts to build stable and responsible financial systems,” said Amena Arif, IFC Country Manager for Sri Lanka and Maldives. “We are excited to partner as Sri Lanka looks to become a regional and global leader in sustainable finance.”
The IFC-supported Sustainable Banking Network (SBN) is working with associations and regulators to level the playing field for banks and encourage green investment. To date, 15 SBN member countries have launched sustainable finance polices, guidelines and roadmaps.
About Central Bank of Sri Lanka
Central Bank of Sri Lanka (CBSL), is the apex financial institution in Sri Lanka. CBSL was established in 1950 under the Monetary Law Act No.58 of 1949 (MLA) and following the amendments to the MLA in December 2002, is responsible for securing its core objectives of economic and price stability and financial system stability. In addition, the CBSL is the advisor on economic affairs as well as the banker to the Government of Sri Lanka (GOSL). On behalf of GOSL, the CBSL, as its agent, is responsible for four agency functions; management of the Employees Provident Fund; management of the public debt of Sri Lanka; administration of the provisions of the Exchange Control Act; and administration of foreign and government funded credit schemes for regional development. For more information, visit
www.cbsl.gov.lk
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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 FY16, we delivered a record $19 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
About the IFC-supported Sustainable Banking Network (SBN)
The Sustainable Banking Network (SBN) is a knowledge and capacity-building platform of financial regulators, banking associations, and environmental regulators from emerging markets interested in developing sustainable finance frameworks based on national context and priorities, as well as international good practices. IFC acts as the Secretariat of the Network, playing the role of facilitator and Technical Adviser to SBN. SBN membership now consists of 31 member countries, which represent over 85 percent of the banking assets across emerging markets. CBSL joined SBN in 2016. For more information on the Sustainable Banking Network, visit
www.ifc.org/sbn
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