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Last Updated : 2024-04-24 06:20:00
6 January 2022 01:42 am - 0 - {{hitsCtrl.values.hits}}
LB Finance PLC (LBF) recently secured a US$ 8 million facility for the purpose of driving the company’s support to Sri Lanka’s micro and SME sector.
Funded by multiple funds managed under the stewardship of the responsAbility Investments AG, a Swiss-based impact investor with a vision to develop micro and SMEs. Alpen Capital, a financial advisory firm based in Dubai was the lead arranger of the deal.
The US$ 8 million from responsAbility Investments AG is the second US$ facility obtained by LBF to coincide with its 50th anniversary in 2021 - the first being US$ 15 million obtained in May 2021 from FMO, the Dutch Entrepreneurial Development Bank.
Similar to the previous US$ 15 million loan, the current USD 8 million would be directed towards continuing the Company’s efforts to provide credit and other financial services to micro, small and medium-sized enterprises that are largely excluded from the formal financial system and as such have little or no access to credit or any other financial services.
On this basis, the company hopes to create opportunities for micro and SME sector as a whole to play a more decisive role in national progress.
Commenting on the significance of the loan, Sumith Adhihetty, Managing Director of LB Finance PLC said, “We at LB Finance are extremely proud to be one of the few private sector organizations to be able to secure a long term US$ funding, not once but twice during the span of a few months and that too during the pandemic.
Being able to attract dollar loans to the country at this crucial time, I believe speaks volumes of the resilience of LBF’s business model, the robustness of our strategy as well the strength and stability of the Company’s balance sheet.”
Martin Heimes, Co-Head of Financial Inclusion Debt at responsAbility Investments AG stated, “We are extremely pleased to announce our partnership with LB Finance which has allowed us to provide sustainable financing to Sri Lanka’s micro and SME sector. In deciding to work with LB Finance; A- rated institution with a solid track record and long standing industry reputation - we are very confident we have made the best choice to help realize our impact intentions.”
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