Grameen to go for listing

Charumini DE SILVA

Grameen Micro Credit Company Ltd is planning to enter the Colombo Stock Exchange (CSE) by early next year. Grameen Micro Credit Company Chairman Victor Ratnayake told Daily News Business that being listed in the CSE will benefit companies by having a sustainable finance.

"This will also benefit depositors since it would be an important parameter for them, while companies that get listed in the CSE will raise new avenues to enhance capital too," he said.

Similarly, registered finance companies being listed in the capital market will add more transparency, Ratnayake said.

Grameen Micro Credit Company was rated by the Central Bank as a registered finance company.

The company has disbursed over Rs 770 million to provide loans for more than 32,200 customers islandwide. The company expects to disburse Rs two billion next year. "The initiative taken by the Central Bank in introducing of the Micro Finance Act is encouraging especially to the micro finance industry. This will help to uplift the livelihood of micro level self-employed businesses," he said.

Uplifting the rural economy is vital to develop the national economy.

"Thus, we want to reach every single person starting from grass roots level in assisting with finance and the Micro Finance Act will strengthen it further," Ratnayake said.

Grameen Micro Credit will enter into a local collaboration in finding funds early next year.