Seylan Bank, achieved a historic milestone in its banking history by successfully securing a long term funding facility of USD 75 million from five separate financial institutions.
The amount has been raised through three Development Finance Institutions (DFIs) in Europe, a European based Investment Fund and a Regional Bank in the United Arab Emirates (UAE).
The funds will be utilized for general business development and improvement of Small and Medium Enterprises in Sri Lanka. “This is a significant moment for the Bank. It is the first time that we have partnered with three globally recognized and respected DFIs, an Investment Fund and a Regional Bank. Our partners have pledged commitment to support our loan growth and vision, with a specialized focus on the growth of Small and Medium Enterprises in Sri Lanka.
This transaction is also significant as we have been able to secure five-year USD funding for this purpose,” said Ramesh Jayasekara, Chief Risk Officer of Seylan Bank.
The transaction entailed raising funds from five separate counterparts with USD 15 million provided by the National Bank of Ras Al Khaimah (‘RAK BANK’) of UAE. A second long term facility of USD 15 million was provided by Symbiotics – a Switzerland-based investment fund dedicated to providing inclusive and sustainable finance to small and medium enterprises in emerging markets.
The final term facility of USD 45 million was provided by three European Development Financial Institutions – Deutsche Investitionsund Entwicklungsgesellschaft mbH (DEG), Germany, OeEB – the Development Bank of Austria (OeEB) and OPEC Fund for International Development (OFID) of Austria. These funds were raised in order to improve Small & Medium Enterprises lending. “The USD 75 million raised in long term facilities through financial institutions in Europe and Middle East also reflects strong confidence in Seylan Bank’s operations and its future growth potential,” added Jayasekara.
The amount has been raised through three Development Finance Institutions (DFIs) in Europe, a European based Investment Fund and a Regional Bank in the United Arab Emirates (UAE).
The funds will be utilized for general business development and improvement of Small and Medium Enterprises in Sri Lanka. “This is a significant moment for the Bank. It is the first time that we have partnered with three globally recognized and respected DFIs, an Investment Fund and a Regional Bank. Our partners have pledged commitment to support our loan growth and vision, with a specialized focus on the growth of Small and Medium Enterprises in Sri Lanka.
This transaction is also significant as we have been able to secure five-year USD funding for this purpose,” said Ramesh Jayasekara, Chief Risk Officer of Seylan Bank.
The transaction entailed raising funds from five separate counterparts with USD 15 million provided by the National Bank of Ras Al Khaimah (‘RAK BANK’) of UAE. A second long term facility of USD 15 million was provided by Symbiotics – a Switzerland-based investment fund dedicated to providing inclusive and sustainable finance to small and medium enterprises in emerging markets.
The final term facility of USD 45 million was provided by three European Development Financial Institutions – Deutsche Investitionsund Entwicklungsgesellschaft mbH (DEG), Germany, OeEB – the Development Bank of Austria (OeEB) and OPEC Fund for International Development (OFID) of Austria. These funds were raised in order to improve Small & Medium Enterprises lending. “The USD 75 million raised in long term facilities through financial institutions in Europe and Middle East also reflects strong confidence in Seylan Bank’s operations and its future growth potential,” added Jayasekara.
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