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Colombo, October 2, 2006
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The International Finance Corporation’s SouthAsia Enterprise Development Facility will help Maldives Finance Leasing Company develop a comprehensive human resources plan focused on achieving the projected business growth plans while developing and retaining talent.
Anil Sinha, General Manager of IFC’s facility, said, “This assistance has become necessary with the proposed liberalization of the leasing industry in Male in the near future. MLFC should prepare itself to face the competition.”
Gilles Galludec, who signed on behalf of IFC-SEDF, said, “IFC was instrumental in establishing the Maldives Finance Leasing Company in 2002, and today the company has created a favorable reputation in Male as a quality provider of financial services.” He added, “The project will help the company undertake an HR skill gap analysis and develop a sustainable framework. Our endeavor is to share and help institute best practices.”
D Soosapillai, General Manager of MFLC, said, “IFC’s assistance will contribute to building our institutional capacity and equip us to make important improvements in our systems and processes.”
About IFC
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries. IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments. From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services. For more information, visit
www.ifc.org.
About SEDF
SEDF Sri Lanka Maldives is a multidonor facility managed and operated by IFC and funded by IFC and the governments of the Netherlands and Norway. It works to promote the growth of small and medium enterprises in Sri Lanka and the Maldives, increase their access to finance and quality business development services, support value addition to firms, and help create an enabling business environment.
About MFLC
Maldives Finance Leasing Company Pvt. Ltd is a limited liability company incorporated and domiciled in the Republic of Maldives.
It
was set up in 2001 and commenced operations in June 2002 as the country’s first leasing company. MFLC caters to the country’s large demand for term financing facilities for equipment purchase in the tourism, transportation, fisheries, and construction sectors. The company at inception was capitalized at $5 million, with 35 percent from MFLC of Sri Lanka (also the technical advisor for the project), 25 percent from IFC, 15 percent from Maldives Transport and Construction Company Ltd, 5 percent each from Bank of Maldives and Employees Provident Fund, and the balance from private investors.
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