Credit line

DFCC receives $ 150 million line of credit from US DFC

DFCC Bank used $ 150 million of credit lines made available by the US government’s International Development Finance Corporation (DFC) to on-lend them to local micro, small and medium-sized enterprises (MSMEs) sectors.

Commenting on the line of credit and the benefits, Lakshman Silva, CEO of DFCC Bank said: Economic growth of the country which has been affected by the ongoing pandemic. True to its heritage, DFCC Bank, over the past 66 years, has funded a number of pioneering projects which have driven the development of SMEs (Small and Medium Enterprises) in Sri Lanka to previously unimaginable levels. We are grateful to DFC for the trust they have placed in DFCC Bank and for choosing us to lead their overall goal of ensuring inclusiveness and gender equality in Sri Lanka.

The DFC line of credit is the largest loan granted by DFC to date to a Sri Lankan partner institution. The loan was granted with the aim of reaching underserved communities across the world in an effort to tackle pressing issues such as gender inequality and lack of economic equity, both of which were exacerbated by the Covid-19 pandemic.

Through this partnership, DFCC Bank’s main objective is to provide a variety of comprehensive on-lending solutions to the SME and MSME sectors, both of which are considered priority sectors by the Monetary Board of the Central Bank of Sri Lanka. . Ensuring economic equity and inclusiveness is of the utmost importance to the bank and is part of its commitment to achieving the United Nations Sustainable Development Goals, in particular by strengthening the country’s efforts to achieve Goal 5: Gender equality. DFCC Bank will ensure that part of the on-lending focuses on women-led SMEs, with the overarching objective of stimulating female entrepreneurship. This initiative tackles one of the biggest problems faced by women entrepreneurs – limited access to finance, leading to a lack of capital and therefore weak business capacity. In addition to fostering women’s empowerment and gender equality, DFCC Bank focuses on improving agriculture, manufacturing and export-oriented industries while funding from other sources and ecocentric and sustainable activities such as the production of renewable energy in the form of solar energy and mini-hydropower projects. create value through a structured approach.

Source link