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CDB secures US $ 6mn Belgian funding

21 Oct 2013 - {{hitsCtrl.values.hits}}

Citizens Development Business Finance PLC (CDB) announced the securing of a US$ 6 million (approximately Rs780 million) funding line from Brussels-based Belgian Investment Company for Developing Countries (BIO).

With a 4-year tenure and fullyhedged against exchange rate fluctuations on a fixed rate, the transaction marks CDB’s first foreign funding line from a foreign multilateral agency.

CDB was granted funding subsequent to evaluation of the institution’s urban and rural business lending models by BIO.

“Apart from having access to a new funding source that will strengthen CDB’s capacity, we were also subjected to an exhaustive due diligence process by BIO and this will also contribute towards encouraging foreign funding to support post-war economic development,” CDB Managing Director and CEO, Mahesh Nanayakkara noted.

CDB’s Corporate Finance Division has finalized Rs. 4.2 billion worth debt funding for the organization to date.

“This funding will be important for our debt funding portfolio to complement the deposits and savings.

We have adopted a focused strategy in developing medium to long-term debt. This transaction will give a definite boost to our efforts that were until now consisting of local funding,” CDB Head of Corporate Finance Roshan Abeygoonewardena stated.

BIO is a development finance institution focused on promoting financial inclusion to micro, small and medium entrepreneurs through a range of financial services targeted at rural and bottom of the pyramid clients.

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CDB secures US $ 6mn Belgian funding

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