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Sri Lanka's PABC gets US$33mn credit line for renewable energy

Oct 10, 2017 18:31 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Sri Lanka's PABC Bank said it had wrapped up a 33 million US dollar credit line from an international climate change fund and 20 million US dollars had been already drawn down.

The balance 13 million dollars would come before December 2017, the bank said in a stock exchange filing.

The money comes from the Global Climate Partnership Fund, which is promoted by German environmental ministry; KfW a German lender, Denmark foreign ministry and the Washington based International Finance Corporation.

The loan has to be repaid in 7 years and has a floating rate, the bank said.

The loan will not be convertible to equity and has no priority over any other debentures, PABC said. (Colombo/Oct10/2017)


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