DFCC Bank recognises key cinnamon export clients for their contribution to economy

Thursday, 6 January 2022 02:26 - - {{hitsCtrl.values.hits}}

DFCC VP Offshore Banking, Trade & International Business Development Anton Arumugam (third from left) presents tokens to Grupo Canela Ltd. (left) and D-Triangle Ltd. (right)

DFCC Bank has implemented a program to recognise key cinnamon exporters, the significant contributions made by the exporters and their value chain, and to commemorate their hard work in increasing foreign exchange flows into the country.

Through the recognition program, DFCC Bank provided customised export financing solutions to cinnamon exporters after a period of engagement to best understand their requirements. The program follows the on-boarding of several key players in the cinnamon production and export industry further to engagements carried out by selected branches. The solutions provided by DFCC Bank have thus far been well utilised, enabling a significant increase in the sector’s business volume. The Bank’s customised MSME supplier financing product was also rolled out to the cinnamon sector targeting the supply chain of export clients to ensure better productivity and output.

Exporters are one of the most important segments within the country’s economic landscape and have played a pivotal role in the development of the Sri Lankan economy. The export sector has recorded impressive performances during the post-pandemic period by achieving higher export volumes and values despite many challenges. Export earnings from the spices sector have shown significant growth with cinnamon being the main spice where global demand for true Ceylon cinnamon is increasing due to a heavier global focus on health and safety, and consuming products that contribute to securing it.

VP – Offshore Banking, Trade and International Business Development Anton Arumugam said: “DFCC Bank is delighted to offer its expansive export financing solutions to key cinnamon exporters, while recognising the important role they play in securing foreign currency inflow, and thereby securing the resilience and growth of the national economy.

“We look forward to driving the growth of the export market through our targeted financial solutions, thereby creating significant economic value for the nation. The recognition program is part of DFCC Bank’s long-term journey of contributing to the growth and prosperity of our stakeholders.”