DEG lends USD 21 million to NDB Bank
NDB Bank received a long-term loan facility of USD 21 million from
DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH, Germany,
to support NDB Bank's long-term commitment to finance the SME sector in
Sri Lanka.
DEG, member of KfW Bankengruppe, is one of the largest European
development finance institutions for long-term project and company
financing. For almost 50 years, DEG has been financing and structuring
the investments of private companies in developing and transition
countries.
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The loan agreement was signed at the NDB Bank Head Office by NDB
Bank Chief Executive Officer Russell de Mel and DEG Senior Vice
President Bernd Tuemmers on behalf of the respective
institutions. German Ambassador Jens Plotner, NDB Bank Deputy
Chairman Ashok Pathirage and NDB Bank’s Finance Planning and
Treasury Vice President Nilam Jayasinghe look on. |
DEG invests in profitable projects that contribute to sustainable
development in all sectors of the economy, from agriculture to
infrastructure and manufacturing to services.
It also focuses on investments in the financial sector in order to
facilitate reliable access to capital locally. To date, DEG has worked
together with more than 1,600 companies and has contributed with its own
financing commitments of more than 11 billion euros to providing an
investment volume of 70 billion euros.
NDB which was a traditional Development Finance Institution (DFI) has
transformed itself into a universal bank having acquired ABM Amro's
business in Colombo in 2001 and merging with it in 2005.
In addition to project loans, it offers all banking products and
services to corporates, SMEs and retail customers through its network of
55 branches islandwide. Today, NDB positions itself as a unique banking
group with its presence in Capital Markets, which includes investment
banking, stock broking and funds management and also in insurance with
its venture with Aviva NDB Insurance. It also operates a leasing company
in the Maldives and an investment bank in Bank in Bangladesh.
NDB Bank has been working with businesses in the SME sector for over
25 years, acting also as an apex agency to channel lines of credit from
international sources, financing over 35,000 projects directly and
indirectly.
This new five-year long-term loan facility, will enable NDB Bank to
enhance its lending to the priority sectors of Sri Lanka and support the
Government's effort in reaching its economic goals which include
doubling per capita GDP over the next three to five years. |
