IFC’s financial commitment to Lanka topping $ 300 m

Hathoon Sheriffdeen

AID: Today the International Finance Corporation (IFC)’s investment exposure in Sri Lanka is $ 86 million largely in ports and energy infrastructure, telecommunications and the financial services sector. In 50 years’ time IFC’s cumulative commitment has exceeded over $ 300 million.

For the coming years we have not set a target but we will spend some time on speculating on the calendar year, and always the fund doubles every year, said Country Manager, IFC Sri Lanka and Maldives. Gilles Galludec

To register a business in Sri Lanka takes 50 days on the average, which is very high compared to South Asia. IFC will focus on these types of issues in future, said Director, IFC South Asia Iyad Malas at the press conference held at the Hilton on the fiftieth anniversary of IFC, on March 6.

“ Private sector has become a key in development as it plays a major role in job creation and growth of the country.

In future the private sector will spur the progress of Sri Lanka. IFC facilitates private sector enterprises”, Regional Vice President Asia and Latin America IFC Fareeda Khambala said.

‘IFC influences the private sector in two ways: one is investment and the second is an advisory service. IFC is already working with six financial institutions in Sri Lanka, namely, Hatton National Bank, Commercial Bank, National Development Bank, DFCC, Sampath Bank and Nations Trust Bank. Apart from this IFC is working with some large companies in the field of tourism.

Small and Medium Scale Enterprises (SME) is a major section to invest in a country and the Sri Lankan market is an important platform for IFC.

20% of GDP is earned by SMEs in Sri Lanka. IFC enhances the facilities to empower and strengthen competitiveness and sustainability of the Sri Lankan private sector.