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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Sri Lanka LOLC gets US$55.5mn for micro credit

Sri Lanka LOLC gets US$55.5mn for micro credit

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Redbulls

Redbulls
Director - Equity Analytics
Director - Equity Analytics
Jan 07, 2013 (LBO) - Sri Lanka's LOLC Micro Credit Ltd, said it had syndicated a 55.5 million US dollar from a number of foreign development agencies.

FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.), of the Netherlands had lead arranged the deal. FMO is a 20 percent shareholder of LOLC Micro Credit.

FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.), the AAA rated (S&P) Dutch Development Bank, was the lead arranger to this transaction.

The OPEC Fund for International Development, Belgian Investment Company for Developing Countries N.V., Société de Promotion et de Participation pour la Coopération Economique S. A. (PROPARCO) of France and Cordiant Capital Inc of Canada had participated.

Cordiant was lending to Sri Lanka for the first time, LOLC said. The dollar denominated loan's currency risk has been hedged, the firm said.

LOMC said it serves a micro clientele "to alleviate poverty and uplift the living standards of a community that once considered 'unbankable' by formal lenders.

The company says it is the largest micro financier in North and East, the largest agriculture equipment provider in the country and had channeled funds to women entrepreneurs.

LOMC said it had 150,000 active borrowers, a loan book of 110 million US dollars and posted a 6 million US dollar pre-tax profit in the 2011/2012 financial year.
http://lbo.lk/fullstory.php?nid=1248576381

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