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Sri Lanka's Commercial Bank of Ceylon to receive US $100 million from World Bank Group

The World Bank Group will partner with Sri Lanka’s Bank of Ceylon to set up a US $100 million financing structure to allow for an increase in lending for renewable energy projects in Sri Lanka, reports Colombo Page.

The International Finance Corporation (IFC), a constituent member of the World Bank Group, will provide a 7 year finance deal to the Bank of Ceylon to support the expansion of conventional and non-conventional renewable energy projects.

“IFC continues to innovate through our partnership with Commercial Bank by working together on our shared goals of clean, sustainable and inclusive growth,” said the Regional Industry Manager for the IFC Ariane Di Ioria.

The IFC is the fifth largest shareholder of the Commercial Bank of Ceylon. Its current portfolio in Sri Lanka stands at over US $225 million.

See more here.