IFC lends US $ 25 m to NTB to support businesses | Sunday Observer

IFC lends US $ 25 m to NTB to support businesses

24 January, 2021

IFC, a member of the World Bank Group, is providing a $25 million loan to Nations Trust Bank (NTB) to provide improved access to critical working capital for Sri Lankan businesses impacted by the Covid-19 pandemic and to help preserve jobs, 

The financing package, which will be used by NTB to help small and medium sized enterprises (SMEs) and corporates, is part of IFC’s $8 billion global COVID-19 fast-track financing facility, supporting companies to stay afloat during the ongoing public health crisis.  

“IFC’s investment in Nations Trust Bank will help us better support the government’s efforts to strengthen the country’s position through increased exports and reduced reliance on imports. IFC’s funding will enable us to provide trade finance and working capital facilities to affected businesses — exporters, local industries, especially mid-market corporates and small and medium sized enterprises — in Sri Lanka, so protecting people’s jobs,” said Director and Chief Executive Officer, NTB, Priyantha Talwatte.