IFC, a member of the World Bank Group, is making a $175 million investment in John Keells Holding (JKH) to expand its supermarket chain in Sri Lanka and help fund expansion or refurbishment of hotel properties in Sri Lanka and the Maldives.
The $175 million long term investment is IFC’s largest in Sri Lanka in 50 years of work in the country and will be the first supporting investments in the Maldives in a decade.
The move will provide JKH the flexibility and agility to fund its investments in an optimal manner, while providing additional support to the Group’s liquidity position. Overall, JKH’s expansion plans for its supermarket and hotel operations will generate significant jobs over the next five years.
“I believe partnering with an internationally reputed financial institution such as IFC, particularly at this juncture of time, is a vote of confidence for JKH and the country, at large,” said Chairman and CEO of JKH, Krishan Balendra.