The funding will support the expansion of Alliance Finance Company PLC’s MSME portfolio related to the agriculture sector, with an emphasis on financing climate-smart agriculture solutions and women-owned enterprises. Alliance is mainly engaged in vehicle financing, and 15% of its March 31, 2018 portfolio was exposed to the agriculture and forestry sector.
The proposed project is part of IFC’s ‘Sri Lanka Agriculture Finance Program’. The Program would consist of the following components:1. Capacity development of Participating Financial Institutions (PFIs): on agri value chain financing and development of related products2. Awareness creation: modern, efficient practices to enhance quality and productivity among agri-value chain players3. Risk mitigation: introduction of agri insurance products and climate smart agricultural practices 4. Improve enabling environment: working on policy measures to improve the enabling environment in line with Government’s Vision 20255. Funding: provide funding to chosen PFIs to lend to agri value chain playersTo achieve this IFC will work closely with the World Bank, government stake holders and private sector partners.
The Project will be supported by the IFC-Canada Climate Blended Finance Program and the Women Entrepreneurs Opportunity Facility (WEOF)
Founder families collectively hold a c.60% stake in Alliance. This includes Mr. Romani de Silva (Managing Director/Deputy Chairman of Alliance), the largest shareholder with a direct holding of 26.5% and a further 6.2% through his father. Alliance is listed on the Colombo Stock Exchange and the remaining c.40% stake is publicly held.
Alliance Finance Company PLC
Assistant General Manager – Treasury
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