EMGA SECURES US$30 MLN SENIOR DEBT FINANCE FOR SRI LANKA'S CDB

KUALA LUMPUR, Jan 11 (Bernama) -- Emerging Markets Global Advisory LLP (EMGA), an investment bank specialising in emerging markets, has successfully secured a commitment for US$30.0 million in senior debt finance for Citizens Development Business Finance PLC (CDB) based in Sri Lanka. (US$1=RM4.63)

In a statement, EMGA said it originated, structured and negotiated this financing arrangement, with the financial support provided by the United States (US) International Development Finance Corporation (DFC).

Its Head of Investment Banking, Sajeev Chakkalakal said despite the challenges the firm faced, it is delighted to have delivered again an innovative funding solution for CDB.

“We believe this marks a significant milestone, in being the first external funding commitment secured for a Sri Lankan NBFI in several years. It will also allow for CDB to continue to support SMEs, including female-owned enterprises, as well as the renewable energy sector in the country,” he said.

Meanwhile, DFC Deputy Vice President of the Office of Development Credit, Maryam Khosharay said: “We are very glad to continue DFC’s commitment to bolstering investments in Sri Lanka especially those advancing financing for women and green assets in times of economic difficulty and high energy prices.”

Commenting on the transaction, CDB Director Corporate Finance, Roshan Abeygoonewardena opined that CDB has been continually strengthening the bottom of the pyramid as an overarching ethos of its sustainability agenda.

“Prioritising women’s empowerment in our business model with access to finance which in turn will spur financial independence and inclusivity will be the panacea in adding fillip to Sri Lanka’s development and economic agenda,” Abeygoonewardena added.

Based in London and New York, EMGA helps financial institutions and corporates seeking new debt or equity capital. Its multi-national team combine the decades of experience necessary to complete transactions within most emerging countries, including Sri Lanka.

-- BERNAMA