DCM CBC DPR Green (IFC-39811)

Countries
  • Sri Lanka
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 30, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
COMMERCIAL BANK OF CEYLON PLC
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
Not Disclosed
When disclosed, the bank did not provide this value. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 2, 2017

Disclosed by Bank May 22, 2017


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Project Description
The project involves a senior senior loan of US$100 million secured by future foreign currency flows to Commercial Bank of Ceylon PLC (‘CBC’, the Bank), the largest private commercial bank in Sri Lanka and an existing IFC client. The funds will be utilized by the Bank to fund the growth in its green lending portfolio. The financing provided is a fit with the World Bank and IFC strategy of promoting sustainable growth and sustainable energy usage in Sri Lanka.CBC was established in 1969 and is one of five systematically important banks in Sri Lanka. IFC first engaged with CBC in 2003 with an equity investment, followed by a trade line in 2008, risk share facility in 2009, senior loan back by a future foreign currency flows in 2012 and a sub debt in 2013.
Investment Description
  • International Finance Corporation (IFC)
CBC is the sponsor of the project. CBC is listed in the Colombo Stock Exchange and does not have a sponsor shareholder. As at March 31, 2017 IFC was the 5th largest shareholder of CBC, with a stake of 4.45%. The other shareholders owning more than 2% were: DFCC Bank 14.69%, Mr Indra Silva 9.89%, Employees Provident Fund 9.67%, Sri Lanka Insurance - Life fund 5.01%, Sri Lanka Insurance - General fund 4.31%, Melstacorp PLC 3.39% and HSBC/NT Asian Discovery Master Fund 2.36%. IFC proposes to provide a senior loan of up to US$ 100 million, secured by future foreign currency flows.
Contact Information
Commercial Bank of Ceylon PLC Mr Nandika Buddhipala Chief Financial Officer +94112430420 Nandika_Buddhipala@combank.net 21,Sir Razik Fareed Mawatha, Colombo 1, Sri Lanka http://www.combank.net/newweb/en/ ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/