brand logo

DFCC receives $ 150 m credit line from US DFC

16 Nov 2021

DFCC Bank utilised credit lines of $ 150 million available to the bank from the US Government’s International Development Finance Corporation (DFC) for on-lending to local micro, small, and medium enterprise (MSME) sectors. Commenting on the credit line and the benefits, DFCC Bank Chief Executive Officer (CEO) Lakshman Silva stated: “We are delighted to receive this line of credit from the US which will help to drive and facilitate DFCC Bank’s overall lending objectives, whilst spurring the economic growth of the country which has been impacted by the ongoing pandemic. True to its heritage, DFCC Bank, over the past 66 years, has funded a number of trailblazing projects that have driven SME (small and medium enterprise) development in Sri Lanka previously to unimaginable levels. We are thankful to DFC for the confidence they have placed in DFCC Bank and for selecting us to spearhead their overall objective of ensuring inclusivity and gender equality in Sri Lanka.” The credit line from DFC is the largest loan provided by the DFC thus far to any Sri Lankan partner institution. The loan was granted with the aim of reaching underserved communities across the globe with the intention of tackling pressing issues such as gender inequality and lack of economic equity, both of which were exacerbated by the Covid-19 pandemic. Through this partnership, DFCC Bank’s key objective is to provide a variety of comprehensive on-lending solutions to the SME and MSME sectors, both of which are considered as priority sectors by the Monetary Board of the Central Bank of Sri Lanka. Ensuring economic equity and inclusivity is of utmost importance to the bank and is part of its commitment to achieving the United Nations Sustainable Development Goals, particularly enhancing the country’s efforts to achieve Goal 5: Gender Equality. DFCC Bank will ensure that a portion of the on-lending will be focused on women-led SMEs, with the overarching goal of driving women entrepreneurship. This initiative tackles one of the biggest issues faced by women entrepreneurs – limited access to finance, leading to a lack of capital and thereby low business capacities. In addition to driving women’s empowerment and gender equality, DFCC Bank focuses to enhance agriculture, manufacturing, and export-oriented industries while funding through other sources and ecocentric and sustainable activities such as renewable energy generation in the form of solar power and mini-hydro projects to create value through a structured approach.


More News..