DEG provides $15 million for CLC’s SME Portfolio Development
View(s):Germany’s DEG (Deutsche Investitions und Entwicklungsgesellschaft mbH) recently provided a US$15 million credit facility on a 5 year term period to Commercial Leasing and Finance PLC (CLC), a member of the LOLC Group, for the development of its SME portfolo.
An official signing ceremony was held at the LOLC Head Office premises last week with senior officials from DEG, CLC and LOLC in attendance. Dr. Michael Bornmann, member of the Management Board of DEG and Ms. Maria Spoelgen, Vice President of DEG’s Asia Department participated from DEG whilst Kapila Jayawardena, Group Managing Director/CEO of LOLC Group, Ishara Nanayakkara, Chairman of CLC and Deputy Chairman of LOLC Group and Krishan Thilakaratne – Director/CEO participated from CLC, according to an LOLC media release.
This is the second DEG credit facility for the LOLC Group. Previously, a Euro 7.5 million loan was made available to LOLC in 2007 to enhance the company’s lending portfolio towards the SME Sector. DEG, a subsidiary of KfW, finances investments of private companies in developing and transition countries. As one of Europe’s largest development finance institutions, it promotes private business structures to contribute to sustainable economic growth and improved living conditions.