Business Times

LOLC wins Best Annual Report award by ADFIAP

LOLC, a financial solutions provider has won the Best Annual Report award by the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP). LOLC, which is an Associate member of ADFIAP, was also awarded a special Plaque of Merit in the Best Website category, the company said.

ADFIAP is the focal point of all development banks and other financial institutions engaged in the financing of development in the Asia-Pacific region. Its mission is to advance sustainable development through its members.

“The recognition from ADFIAP is an acknowledgement of our annual report as a driver towards improving corporate performance, going beyond financial reporting to review our Triple Bottom Line contribution as well,” Group Managing Director and Chief Executive Officer of the LOLC Group, Kapila Jayawardena was quoted as saying in the statement.

“Our involvement in developmental finance schemes such as PAMP II, the Renewable Energy for Rural Economic Development (RERED) project initiated by World Bank and the E-Friends II loan scheme for upgrading industries to prevent industrial pollution and harmful waste disposed, amply demonstrates our commitment to sustainable development,” he said.

The LOLC branch network services all regions of the country including the Northern and Eastern Provinces and after an agreement with the Postal Department and Lanka IOC, the company has been able to expand rapidly to more interior areas, said LOLC. As at date, LOLC has a total of 75 customer service points country-wide, including service centres at Post Offices and Lanka IOC outlets.

LOLC said that LOLC Microcredit Ltd, a subsidiary has now become the largest agriculture implements financier in the country, playing a key role in taking development finance to rural areas. The LOLC Group offers a range of financial solutions such as factoring and working capital, insurance, fixed deposits and savings, foreign currency accounts, leasing, fleet management, agro and micro finance, pawn broking, stock brokering, Islamic finance, and also non-financial solutions in the sectors of IT, project development, hospitality trade, real estate and education.

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