IFC offers Sri Lankan firms ‘development oriented’ project loans

ECONOMYNEXT – The International Finance Corporation (IFC) has said it is ready to give loans to Sri Lankan private sector firms to fund ‘development-oriented’ projects, after seeing a downturn in demand.

IFC Country Manager for Sri Lanka and the Maldives Ameena Arif told members of the Ceylon Chamber of Commerce that her organisation is ready to finance private sector projects by providing mid-to-long term loans via multiple financing methods.

She said the loan component for potential partners would start from around $3 million, but stressed that those projects need to be ‘development oriented’, the Ceylon Chamber of Commerce said in a statement.

Arif explained the IFC’s role in Sri Lanka when she addressed the main committee of the Ceylon Chamber of Commerce, which consists of around 30 top corporate executives inthe country and industry leaders who meet every month to discuss the status of the Lankan economy.

“Our program in Sri Lanka has been dimmed a bit in recent years due to the private sector having been held back a little. We did not see such demand from the private sector,” she said.

IFC, an arm of the World Bank engaged in financing private sector projects, is ready to look at financing ventures in the areas of energy, agriculture, new tourist hotels in the North and East, or any new and innovative development-oriented projects, Arif said.

“We are also ready to focus on IT and tech startups,’ Arif said,

She also said Sri Lanka needs to capitalise on its geographical advantage and its status of being the most neutral country in South Asia to boost economic growth.
(COLOMBO, September 01, 2016)

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