Pan Asia Bank, continuing its legacy of innovation and championing the green cause in Sri Lanka, recently launched ‘Haritha Sammana,’ a special loan scheme for green initiatives under its flagship product ‘Sammana’.
This scheme was created leveraging on the $ 7.75 m funds received from Switzerland-based Symbiotics’ first-ever Green Bond, to further the green cause in the country.
‘Haritha Sammana’ is a product extension of Sammana, a scheme which allows pensioners to lead a life of dignity and financial independence. The new product is aimed at ‘Sammana’ customers – to encourage those who are willing to start a green project or to further develop such a project which they have already started. The loans granted will range from a minimum of Rs. 50,000 to a maximum of Rs. 1 million at an interest rate of 14.5% per annum for tenure ranging from one year to a maximum of 10 years.
By launching ‘Haritha Sammana’, the bank expects to provide an opportunity for existing and new ‘Sammana’ customers to avail of green financing to commence or enhance sustainable agriculture projects such as sustainable agriculture, climate smart inputs, use of indigenous seeds, solar energy and other such projects. This product is also expected to empower the nation’s SME sector while simultaneously uplifting the pensioner segment.
Sri Lanka’s agricultural sector is in urgent need of adoption of sustainable practices and Pan Asia Bank is spearheading this transformation, being awarded the prestigious Global Climate Partnership Award trophy in 2019 for its green lending efforts.
Prospective clients who wish to apply for funding for renewable and energy efficiency projects, may visit any of the bank branches or call the hotline (011) 4667222.