Seylan Bank is pleased to announce the successful conclusion of a long term funding facility of USD 75 million from 3 Development Finance Institutions (DFIs) in Europe and Banks in the United Arab Emirates (UAE). The funds are ear marked for general business development with a focus on the growth of Small and Medium Enterprises in Sri Lanka. The association with these institutions not only gives Seylan Bank access to funding, but will also provide the bank with technical assistance to develop the banks products and processes in order serve the banks customers in a superior manner.
Director / CEO of Seylan Bank, Mr. Kapila Ariyaratne stated “This transaction is a significant first for Seylan Bank, because it is the first time that we are teaming up with 3 highly respected DFIs and regional banks/funds, who have come forward to assist us with long term funding to support our future plans to expand our business. It is also a recognition of the overall growth and performance of the bank and our involvement with and contribution to, the SME sector of the country”.
The USD 45 million Tranche 3 of the facility which was concluded on 10th Apr, 2017 was funded by European DFIs including Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) of Germany , the Development Bank of Austria (OeEB), and OPEC Fund for International Development (OFID) of Austria. All three DFIs provide financing for social and economic growth in developing countries and emerging markets. The signing ceremony for the transaction was held in Vienna in the offices of OFID and attended by Management teams from all three DFIs, Seylan Bank and Alpen Capital who were the arrangers of the facility.
Tranche 2 of the facility (USD 15 million) was funded by Symbiotics, an investment boutique based out of Switzerland and dedicated to providing inclusive and sustainable finance to small and medium enterprises in Emerging Markets and Tranche 1 of the facility (USD 15 million) was provided by the National Bank of Ras Al Khaimah (‘RAKBANK’) of United Arab Emirates (‘UAE').