Central Fin Agri (IFC-41293)

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
Active
Bank Risk Rating
FI
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 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.
Borrower
CENTRAL FINANCE COMPANY PLC
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 20.00 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 Aug 8, 2018

Disclosed by Bank May 11, 2018


Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

The funding will support the expansion of CF’s MSME portfolio in the agriculture sector, with an emphasis on financing climate-smart agriculture solutions and women-owned enterprises. 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: Introduce agri insurance products and climate smart agricultural practices. 4. Improve Enabling Environment: Work 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.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

CF is a public company listed in the Colombo Stock Exchange. The company was established by the late Mr. Chandra Wijenaike in 1957. The Wijenaike family and the Share trust established for the welfare of CF’s employees currently hold around 35.6% of the voting rights. Other large shareholders include the Employees Provident Fund with a 10.7% shareholding.

Contact Information

Central Finance Company PLC
Mr. Arjuna Gunaratne
Director, Group Coordination
+94112300555
arjuna@cf.lk
270, Vauxhall Street, Colombo 2, Sri Lanka
www.centralfinance.lk

 

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/