Mar 31, 2013 (LBO) - International Finance Corporation, a World Bank unit has helped syndicated a 125 million US dollar loan for Sri Lanka's NDB Bank with a further 70 million US dollars to be provided by June 2014.
IFC itself has provided 20 million US dollars.
Union National Bank, UAE had provided 25 million; HSBC, 25 million, Standard Chartered 20 million; Axis Bank, India 15 million, Doha Bank, Qatar 10 million and Bank Muscat, Oman 10 million dollars, IFC and NDB said in a joint statement.
Another 70 million would come by June 2014 will be raised from international development finance institutions.
NDB chief executive Rajendra Theagarajah said the loan will be used to finance small and medium enterprises.
But the second part of the loan will also be used to finance infrastructure.
"IFC's syndication for NDB demonstrates growing investor confidence in Sri Lanka, and will help NDB expand finance options across the country," Adam Sack, IFC's country manager said.
HSBC was the 'strategic advisor' the syndication, the two firms said.
IFC itself has provided 20 million US dollars.
Union National Bank, UAE had provided 25 million; HSBC, 25 million, Standard Chartered 20 million; Axis Bank, India 15 million, Doha Bank, Qatar 10 million and Bank Muscat, Oman 10 million dollars, IFC and NDB said in a joint statement.
Another 70 million would come by June 2014 will be raised from international development finance institutions.
NDB chief executive Rajendra Theagarajah said the loan will be used to finance small and medium enterprises.
But the second part of the loan will also be used to finance infrastructure.
"IFC's syndication for NDB demonstrates growing investor confidence in Sri Lanka, and will help NDB expand finance options across the country," Adam Sack, IFC's country manager said.
HSBC was the 'strategic advisor' the syndication, the two firms said.
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