IFC to support to facilitate growth of small businesses
COMMITMENT: IFC, the private sector arm of the World Bank
Group, reinforced its ongoing commitment to Sri Lankaâ€™s Commercial Bank
of Ceylon with a $7.4 million rights subscription.
The rights issue will assist the bank in its regional and local
growth, including the retail and small and medium enterprise segments of
Sri Lanka, bringing improved services to a larger population.
IFC has maintained a long-term relationship with the Commercial Bank
of Ceylon (CBC) since 2003. IFC has also been actively involved on the
bankâ€™s board, assisted in its outreach in the Asian region and,
recently, has helped introduce value added advisory services for its SME
line of business.
Managing Director, Commercial Bank of Ceylon Amitha Goonaratne said,
â€śWe are encouraged by IFCâ€™s continued support and value its advice.
IFCâ€™s participation also provides comfort to our other stakeholders.â€ť
He expressed appreciation of IFCâ€™s global experience that has brought
ongoing benefits to the bank and has helped improve management
â€śSupporting an institution like the Commercial Bank of Ceylon in its
growth phase will promote development of efficient banking operations in
Sri Lankaâ€™s banking sector.
â€śWe see a continued role for IFC as the bank moves to the next stage
of growth locally as well as internationally,â€ť explained IFC Country
Manager for Sri Lanka and Maldives Gilles Galludec.
â€śThis additional investment underpins IFCâ€™s belief in the bankâ€™s
ability to deliver in challenging times and in its potential as a
regional player,â€ť added Jeetendra Marcelline, IFC Head of Investments in
Sri Lanka and Maldives.
IFCâ€™s support to CBC aligns with its strategy of partnering with
financial institutions that have regional growth potential and that are
committed to developing Sri Lankaâ€™s SME sector. IFC, the private sector
arm of the World Bank Group, promotes open and competitive markets in
IFC supports sustainable private sector companies and other partners
in generating productive jobs and delivering basic services, so that
people have opportunities to escape poverty and improve their lives.
Through FY06, IFC Financial Products have committed more than $56
billion in funding for private sector investments and mobilized an
additional $25 billion in syndications for 3,531 companies in 140
IFC Advisory Services and donor partners have provided more than $1
billion in program support to build small enterprises, to accelerate
private participation in infrastructure, to improve the business
enabling environment, to increase access to finance, and to strengthen
environmental and social sustainability.
For more information, visit www.ifc.org.