Sri Lankan bank gets $30M loan from German group

The German development finance institution DEG has provided a loan of US$ 30 million repayable over eight years to DFCC Bank, Sri Lanka’s pioneer development bank.

The money is meant to be utilized for granting sub loans targeted at the SME sector across a wide range of businesses including the renewable energy sector. The related loan agreements were signed in Colombo on October 6 by DFCC Bank CEO Nihal Fonseka and DEG Senior Vice President, Bernd Tuemmers.

This credit line will supplement and diversify DFCC’s long-term funds pool and support our lending activities to green field projects”.