The proposed project by DFC will support the expansion of LOMC’s micro loan and lease portfolio in Sri Lanka. It is expected to have a highly developmental impact in Sri Lanka with increased lending to individuals that are underserved with a particular focus on poor, rural women.
The Project will reach into rural areas and villages with a high concentration of unbanked households through its strategic partnership with Sri Lanka Post, the national post office system. This permeation will also allow borrowers access to technical assistance to their loans.
U.S. Sponsor: Financial Services Volunteer Corps
Foreign Sponsor: Lanka Orix Leasing Company Limited
LOLC is one of the largest microcredit providers in Sri Lanka, with over 250,000 borrowers, 70% of which are women. The Project Company is one of a few MFIs to be certified under the Smart Campaign, a voluntary set of principles to protect clients from over-indebtedness, predatory lending, and unfair treatment.
ACCESS TO INFORMATION
Unlike many other development finance institutions, DFC does not currently have an access to information policy.
Under the United States Freedom of Information Act (FOIA), DFC is obliged to respond to reasonably formulated requests for Agency records. However, DFC may apply exemptions from release to certain types of information and may charge fees in responding to requests. DFC has a designated FOIA officer who is trained in how to respond to requests and implement the law. You can learn more about filing a FOIA request at: https://www.dfc.gov/foia
ACCOUNTABILITY MECHANISM OF THE UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC)
The Office of Accountability is an independent office that addresses complaints about environmental or social issues related to DFC-supported projects. The office provides communities an opportunity to have concerns independently reviewed and addressed. If you submit a complaint to the Office of Accountability, it may assist you by either seeking to address your problems by facilitating a problem solving dialogue between you and those implementing the project and/or investigating whether the DFC complied with its policies to prevent environmental, social, human rights, and labor harms.
You can find more information about the Office of Accountability at: https://www.dfc.gov/who-we-are/office-accountability