Sri lanka’s Sanasa to get US$10mn in Dutch funding

ECONOMYNEXT – Sri Lanka’s Sanasa Development Bank Plc, a publicly traded firm linked to the co-operative movement said it planned to raise the equivalent of 10 million US dollars from The Netherlands as a term loan.

Stichting Fondsbeheer DGGF Lokaal MKB, a foundation founded by PriceWaterouse Coopers Advisory NV and Triple Jump who will invest in the Sanasa on behalf of the Netherlands government, the firm said in a stock exchange filing.

The bank has also planned to sell unlisted subordinated five-year debentures for 3.5 billion rupees to bolster its capital under Basel III guidelines.

"The capital enhancement along with the loan proceeds raised by the bank will ensure that the bank will be geared to pursue loan book growth whilst maintaining healthy capital adequacy levels…and improving the profitability of the bank," the firm said in filing to the Colombo Stock Exchange. (COLOMBO, 29 March, 2019-SB)


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