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Monday, July 19, 2010

LOLC receives 10 million Euro loan from PROPARCO

PROPARCO, the private sector arm of the AFD Group (French Development Agency), has signed a 10 million euro loan on July 5 with LOLC (Lanka ORIX Leasing Company PLC) to support the development of their operations in the North and East of the country.

LOLC (Lanka ORIX Leasing Company), a leading financial services conglomerate in Sri Lanka today, pioneered leasing and factoring to the country thereby adding a new dimension to the financial services sector of the country. Today, it offers a wide range of financial solutions and non-financial solutions across all regions of the country through its strategically placed branch network. LOLC makes a vital contribution towards the regional economies by making financial services available to rural entrepreneurs. LOLC has benefited from the support of various international financial institutions for the development of its activities, and PROPARCO has already extended a 5 million dollar financing to Lanka ORIX in 2005 in the framework of the post-tsunami reconstruction programme.

PROPARCO is a Financial Institution partly held by AFD and private shareholders from European and emerging countries, which is providing long-term resources to the private sector in emerging countries. AFD is the central agency for implementing French Overseas Development Assistance: it is a specialized financial institution subject to French and international regulations. AFD combines the functions of a development bank and an agency to implement France's development assistance policy. Both AFD and PROPARCO have started working in Sri Lanka in the aftermath of the tsunami.

PROPARCO's financing will enable LOLC to accelerate its roll-out in the North and the East. Leasing and asset-finance is well suited for the financing of commercial and agricultural vehicles for Small and Medium Entreprises (SME) that have a limited access to credit. By providing support to LOLC, this financing will thus contribute to the development of the North and the East Provinces by facilitating acess to finance for SME.

LOLC's focus is presently on the Eastern and Northern regions having opened new branches in Ampara, Batticaloa, Jaffna, Vavuniya, Mannar, Kathankudai & many more service centres in the post offices in and around these areas. These regional economies are being built at this current juncture and require the financial stability, dynamism and infrastructure which organizations such as LOLC will provide.

source - www.dailymirror.lk