US International Development Finance Corporation (DFC) will provide $30 million in DFC financing to Citizens Development Business Finance PLC (CDB) to support women entrepreneurs, sustainable financing, and micro, small and medium enterprises (MSMEs), said DFC CEO Scott Nathan in Colombo last week.
For the first time, CDB has received a funding facility of this significant value, reaffirming the organisation’s robust commitment to corporate stewardship. Emerging Markets Global Advisory LLP was the advisor and structuring agent for this transaction.
“DFC provides inclusive, sustainable financing for small businesses and women entrepreneurs.
CDB is a great partner and, through our support, will enhance energy security and promote climate resiliency in Sri Lanka,” said DFC CEO Nathan.
“The United States is dedicated to advancing Sri Lanka’s economic growth by supporting local entrepreneurs, a key driver for economic growth,” said US Ambassador to Sri Lanka, Julie Chung.
“DFC’s new investment in Citizens Development Business Finance, in partnership with USAID, will directly benefit small and medium-sized businesses across the island, allowing Sri Lankan entrepreneurs access to capital that can help to transform their ideas into successful business growth and, in the long term, a more stable economy for the country.”
“The funding will empower women entrepreneurs and MSMEs, making sustainable economic growth a local reality that improves gender equality and helps build strong, resilient communities,” said USAID Mission Director for Sri Lanka, Gabriel Grau.
The loan, facilitated by USAID, will strengthen CDB’s support for urban funding and rural lending on a multiplicity of UN Sustainable Development Goals (SDGs). The project underscores the importance of women’s empowerment and gender equality and focuses on reducing hurdles for building sustainable communities through strengthening MSMEs, with a focus on “No Poverty” and “Zero Hunger” SDGs.
CDB will also focus on green energy projects, including rooftop solar, electric and hybrid vehicles, and the conversion of vehicles into electric vehicles (EVs) to reduce the national carbon footprint.