SDB Senior Loan (IFC-40660)

  • 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
Bank Risk Rating
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
Mar 15, 2018
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.
The holder of the loan, grant, or other investment.
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 8, 2019

Disclosed by Bank Feb 12, 2018

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Project Description

According to the IFC website, the proposed project is a secured, 5-year senior loan of up to US$15mn to Sanasa Development Bank PLC (‘SDB’), a licensed specialized bank (‘LSB’) in Sri Lanka and an IFC client since 2010. This will be one of IFC’s first local currency debt funding in Sri Lanka, and will support the expansion of SDB’s SME portfolio, with 25% earmarked for women-owned SMEs.

SDB was established in 1997, funded by 4,500+ cooperative societies. It was initially a microfinance/retail bank, but has been transforming itself into a SME/retail bank since 2015. IFC supported this initiative by increasing its equity stake to 8.86% (May, 2017) from 2.34%, previously.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

SDB has been listed on the Colombo Stock Exchange since May, 2012. It has no identifiable sponsor. The Bank was created by the Sanasa co-operative society movement, but the shareholding of the co-operatives has been diluted to 29%. Development Finance Institutions (IFC & FMO) hold 22%, while other investors hold 50%.

Contact Information

SANASA Development Bank PLC
Mr. Terrance Kumara
Head of Finance
SANASA Development Bank PLC, No. 12. Edmonton Road, Kirulapone, Colombo 06, Sri Lanka


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