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21 October, 2013 04:26 PM Source: Financial Times - Sri Lanka

Citizens Development Business Finance PLC (CDB) in a breakthrough transaction for itself has acquired the first foreign funding line worth $ 6 million (around Rs. 780 million) from a multilateral agency.

CDB said it obtained the funding line from Belgian Investment Company for Developing Countries (BIO) based in Brussels, Belgium. The funding line comes with tenure of four years and has been fully hedged against any exchange rate fluctuations on a fixed interest rate.

This funding line has been offered by BIO based on a comprehensive initial field survey. CDB said apart from the financial fundamentals and governance structures, the key criteria considered by the BIO in selecting CDB included its urban funding, rural lending business model leading to being a net lender to the rural economy and the base of the pyramid focus lending framework contributing to inclusive economic growth.

CDB Managing Director and CEO Mahesh Nanayakkara said: “We are extremely happy for the opportunity to work with BIO and we firmly believe that we could convert this first step to be a strong long term partnership with BIO in the future. Apart from having access to a new funding source which will strengthen our capacity, we are also happy that CDB has been exposed to an exhaustive due diligence process by BIO in considering this facility and also will be able to contribute in our own way for the macro framework set in encouraging foreign funding to support post war accelerated economic development in Sri Lanka.” More...

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