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Central
Finance ties up with FMO
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| Standing
left to right Palitha Abeysekera Senior Accountant, Arjuna Gunaratne
Director, Arno de Vette Senior Investment Officer – FMO,
Marcel Posthuma Manager Business Development – FMO, S.
V. Wanigasekera Chairman, Shamil Peiris Director Finance, Ravi
Rambukwelle Director Marketing & Operations, Chaminda Hettiarachchi
Senior Manager Recoveries concluding the agreement for the FMO
term loan facility. |
Gets
Rs. 950 m from Dutch development finance firm to provide lease and
hire purchase facilities to SMEs
Netherlands
Development Finance Company (FMO) has provided a Rupee Term Loan
to grant Lease and Hire Purchase Facilities to Small and Medium
scale Entrepreneurs at competitive rates amounting to Euro 6 Million,
which is approximately Rs. 950 Million.
FMO is the international development bank of the Netherlands. FMO
invests risk capital in companies and financial institutions in
developing countries. FMO’s investment portfolio is EUR 2.7
billion, (in Sri Lanka EUR 40 million) and FMO is one of the largest
bilateral development banks worldwide. Thanks in part to its relationship
with the Dutch government, FMO is able to take risks which commercial
financiers are not- or not yet - prepared to take. FMO’s mission:
to create flourishing enterprises, which can serve as engines of
sustainable growth in their countries.
Central Finance (CF) is celebrating 50 years of stability, dedication
and loyal service to the nation. A household name which needs no
introduction in Sri Lanka is a well-established finance house with
a reputation built on trust and dependability.
In recognition of its strong financial profile and its dominant
market position, CF has been conferred an ‘A+ (lka)’ rating
by Fitch Ratings Lanka – the highest rating granted up to now
to any finance company.
CF’s portfolio is dominated by over 70% of vehicle finance
leases to Small and Medium scale Entrepreneurs and hire purchase
finances account for about 20% of the annual operations. A further
10% is on Operating Leases to the Corporate Sector. Customer deposits
finance the bulk of CF’s assets. Bank borrowings and foreign
loans provide the balance. CF’s wide ranging credit facilities
are provided throughout the country delivered through 46 Branches
and Outlets with special emphasis in the rural areas.
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