LOLC Micro Credit secures largest micro finance syndicated loan in Sri Lanka
View(s):LOLC Micro Credit Ltd (LOMC) has secured the largest syndicated loan of US$55.5 million in Sri Lanka from a consortium of global
Picture shows: Seated from left: Ahdi Al-Hunaif (Investment Officer, OFID), Betrand Milliot (CIO, Cordiant), Ishara Nannayakara (Deputy Chairman, LOLC Group), Carole Mamman (Manager Financial Sector, BIO), Claude Périou (CEO, Proparco) and Nico Pijl, (Chief Risk & Finance Officer, FMO). Standing from left: Lucas Lustermans (Legal Counsel, FMO), Matthijs Egelie (Investment Officer, FMO), Bas Rekvelt (Senior Syndications Officer, FMO), Tony Bakels (Manager Financial Institutions Asia, FMO), Amelie July (Head of Banking, Proparco) and Arno de Vette (Senior Officer Equity, FMO).
development financial institutions (DFIs).
LOMC is a leasing unit and the microfinance arm of the LOLC Group.
FMO (Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V.), a Dutch development bank which has a 20 per cent stake in LOMC, was the lead arranger to this transaction. The other participants include OFID (OPEC Fund for International Development), BIO (Belgian Investment Company for Developing Countries N.V.), PROPARCO (Société de Promotion et de Participation pour la Coopération Economique S.A., and Cordiant Capital Inc. (a Canadian DFI engaged in investing in emerging markets).
Cordiant made its maiden investment in Sri Lanka by participating in this syndicate loan. Most of these DFIs have a long standing relationship with LOLC, according to a LOLC statement.
“LOMC is the largest micro financier in the North and East and made a reputation for empowering women entrepreneurs, renowned for its distinctive business model and recruitment policy of fostering indigenous school leavers,” it said.
The signing ceremony between LOMC and FMO together with the participating lenders took place on November 12, 2012, at an official signing ceremony held at the FMO headquarters in Amsterdam, Netherland.
Follow @timesonlinelk
comments powered by Disqus