ECONOMYNEXT- Washington-based International Finance Corporation said it was giving 25 million US dollars to Sri Lanka’s Nations Trust Bank for businesses to recover during a Coronavirus pandemic.
“At a time when the global pandemic is taking a terrible toll around the globe,it is vital that Sri Lankan businesses, especially small and medium sized enterprises, have all the support they need to build back better,” said Rosy Khanna, IFC Regional Industry Director, Financial Institutions Group – Asia and Pacific said in a statment.
“We know that small and medium sized enterprises are the key engines of growth in many countries, including Sri Lanka, and are especially vulnerable during crises.
“Keeping these businesses solvent is therefore essential to minimize the economic damage and save jobs so we hope this fresh investment will equip Sri Lankan businesses to navigate these difficult times and emerge stronger and more resilient to future shocks.”
IFC had previously given 50 million dollars to Commercial Bank of Ceylon. IFC is a founding shareholder of NTB.
“IFC’s investment in Nations Trust Bankwill help us better support the government’s efforts to strengthen the country’s position through increased exportsandreduced reliance on imports,” Priyantha Talwatte, Director/ Chief Executive Officer, NTB said.
“IFC’s funding will enable us to provide trade finance and working capital facilities to affected businesses—exporters,local industries, especially mid-market corporatesand small and medium sized enterprises—in Sri Lanka,so protecting people’s jobs.”
IFC’s said the money is coming from an 8 billion US dollar fast-track COVID-19 facility.
The IFC also gave 175 million dollars to John Keells Holdings to help its tourist sector investments in Sri Lanka and the Maldives. (Colombo/Jan12/2021)