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ComBank launches Green Development Loans to support sustainability agenda

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6 November 2015 06:30 pm - 0     - {{hitsCtrl.values.hits}}

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Offers 7-year loans of up to Rs 25 million at concessionary interest for initiatives that will make businesses more eco-friendly


The Commercial Bank of Ceylon has announced the launch of Green Development Loans, throwing its weight behind efforts by businesses in Sri Lanka to make their operations more eco-friendly. The country’s largest private bank said loans of up to Rs 25 million are now available at concessionary interest for small and medium enterprises (SMEs) and entrepreneurs that wish to invest in energy saving, energy eff iciency or off-gr id renewable energy projects including investments in solar power.
C o m m e r c i a l B a n k G r e e n Development Loans will also be available to organisations that need to comply with national environmental standards by improving their waste management systems or by installing waste water treatment plants, air pollution control systems, solid waste recycling/treatment plants or sound pollution control systems. Repayable in seven years with a grace period of one year, these loans will be offered at concessionary interest rates. “Making our own operations ecofriendly, and helping our customers make their businesses sustainable is one of our principal thrust areas,” Commercial Bank’s Deputy General Manager –Personal Banking Sandra Walgama said.
“As the leader in SME sector financing in Sri Lanka, the Bank already plays a huge role in helping business grow and evolve. Commercial Bank is therefore ideally positioned to be a catalyst in the transformation of the way businesses operate vis-à-vis the environment.” For the purpose of the new Green Development Loans scheme, Commercial Bank has identified as eligible, projects which seek to save a minimum of 10 percent of energy consumption over the present usage; expenditure incurred to comply with the national environmental regulations; directly identifiable expenditure relating to energy saving measures such as solar power, solar net metering systems, LED lighting systems or specialised units designed for energy saving, and investments relating to improvement of waste management systems.

One of the few banks to have participated in every refinance lending scheme which has been operating in Sri Lanka for the SME sector since SMI-1 in 1979, Commercial Bank was also an active lender under the ‘E-Friends I,’‘E-Friends II’ and ‘E-Friends I (Rev)’ schemes funded by the Japan Bank for International Cooperation (JBIC),  the Bank said.

As part of its own Green operations agenda, Commercial Bank has developed a new eco-friendly model for branches in buildings owned by the Bank, actively promoted initiatives to migrate customers from traditional banking channels to digital platforms such as mobile and online banking, and is investing in automations that minimise the use of paper. These efforts include an Automated Banking Centre (ABC) at the Bank’s Ward Place branch with facilities to deposit cash and cheques, withdraw cash, open savings accounts, apply for retail loans and carry out online banking transactions; and the launch of a new generation of automated cash deposit terminals, creating a Green Banking Channel (GBC) that eliminates the use of paper for depositing cash.
These initiatives were recently acknowledged internationally with the award for ‘Best Sustainability – Green Initiative’ at the 2015 Asian Customer Engagement Forum (ACEF) Awards in Mumbai.

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Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

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