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The Investor Sentiment - Equity and investments forum for Sri Lankans

The Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSEThe Lankan Investor Forum - A more respectable and reasonable place for members to discuss matters regarding the CSE

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» Should I Stick Around, or Should I Follow Others' Lead?
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    Sri Lanka LOLC group borrows US247mn from FMO, ADB led loans

    avatar
    CSE.SAS


    Posts : 263
    Join date : 2014-02-23

    Sri Lanka LOLC group borrows US247mn from FMO, ADB led loans Empty Sri Lanka LOLC group borrows US247mn from FMO, ADB led loans

    Post by CSE.SAS Wed Feb 24, 2016 8:20 pm

    Sri Lanka's LOLC group has borrowed 247 million US dollars from three syndicated loans led by the FMO, a Dutch development agency and the Asian Development Bank for on lending to its customers, officials said.

    Commercial Leasing and Finance Plc, will get 153.1 million US dollars in a syndicated loan led by FMO, a Dutch development lender.

    FMO is giving 113.9 million dollars and 11 others are making up the balance.

    The OPEC fund for International Development (OFID) - USD 20 million);
    Finnfund- the Finnish Fund for Industrial Cooperation (USD 11 million);
    Proparco – a subsidiary of the Agence Française de Développement (AFD) - USD 10 million
    BIO - the Belgian Investment Company for Developing Countries - USD 7 million)
    DEG – the German Investment and Development Corporation - USD20 million
    OeEB the Austrian Development Bank - USD 10 million
    ResponsAbility Investments AG - USD 12 million
    Blue Orchard Finance - USD 10.1 million
    Symbiotics - USD 9.0 million
    Dutch Oikocredit - USD 5 million
    ACTIAM USD 5 million.

    FMO is mandated lead arranger for the deal.

    Linda Broekhuizen, Chief Investment Officer of FMO said the LOLC's focus on funding smaller businesses were a key reason for the syndication.

    LOLC Finance Plc, another unit is getting a 69 million dollar loan led by Asian Development Bank, with the ADB itself giving 39 million dollars and Middle Eastern banks making up the balance.

    Tranche A is for a period of 7 years and has been funded by ADB.

    Tranche B is for 3 years has been funded Emirates NBD Bank, Bank Muscat, First Gulf Bank, National Bank of Oman and Rakbank.

    ADB was lender of record for both the tranches. Bank Muscat and First Gulf Bank was the mandated lead arrangers for tranche B, with Dubai Based Investment Bank, Alpen Capital ME Limited acting as financial advisor.

    LOLC chief executive Kapila Jayawardene said it was the first time Middle Eastern banks were financing a non-bank lender in Sri Lanka.

    ADB is also giving another 35 million US dollars to LOLC Micro Credit Limited.

    LOLC will also get technical assistance for capacity building.

    http://www.economynext.com/Sri_Lanka_LOLC_group_borrows_US247mn_from_FMO,_ADB_led_loans-3-4327-17.html

      Current date/time is Tue Dec 10, 2024 3:59 pm