IFC to fund Sri Lanka’s NDB with Rs7.9bn for agribusiness

ECONOMYNEXT – Washington-based International Finance Corporation (IFC), said it is planning to give 5-year 50 million US dollar equivalent (about 7.9bn rupees) rupee loan for Sri Lanka’s National Development Bank as a larger package targeting agri-business development.

The loan, which is expected to be approved by IFC’s board in June is part of the agency’s Sri Lanka Agriculture Finance Program.

IFC is the private sector lending unit of World Bank, which is working with Sri Lanka to boost agriculture productivity and modernise the sector.

Under the same program Central Finance will get a 20 million US dollar equivalent loan (about 3.16 billion rupees).

Alliance Finance Plc, another non-bank lender, will get 10 million dollars (about 1.58 billion rupees at current exchange rates). (Colombo/May18/2018)

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