SANASA DEVELOPMENT BANK PLC (FMO-50195)

Countries
  • Sri Lanka
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
C
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
Dec 15, 2016
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
SANASA DEVELOPMENT BANK 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 Type(s)
Fund
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 6.00 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 @ FMO website

Updated in EWS Jun 26, 2018


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

Project Description

This project funds the growth of a small and midsize enterprise portfolio for the Sanasa Development Bank. 

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors

Sanasa Development Bank PLC (SDB). SDB has its roots in a large, island-wide network of savings and credit cooperatives in Sri Lanka known as the "Sanasa movement". "Sanasa" is a Sinhalese acronym for "thrift and credit cooperative". The Sanasa movement is the largest cooperative network in the country and consists of about 9000 cooperatives with about 3 million members (about 20 percent of the Sri Lankan population). Sanasa cooperatives are member owned societies and are grouped together under the Sanasa Federation, which is supervised by the Department of Co-operative Development. The Sanasa cooperatives are particularly active in rural areas and SDB was created to eventually serve as their apex financial institution.

Contact Information

*No contacts available at time of writing

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism