HNB secures $ 60 m funding for SMEs from France’s PROPARCO

Wednesday, 28 October 2020 00:10 - - {{hitsCtrl.values.hits}}

Hatton National Bank PLC (HNB) yesterday announced a landmark agreement with PROPARCO, the private sector funding arm of the French Development Bank Agence Française de Développement

HNB Managing Director and CEO Jonathan Alles

Head of Financial Institutions and Inclusion Guillaume Barberousse

(AFD), to secure $ 60 million in funding.

“We are delighted to enter into this long-term loan agreement with PROPARCO at such a critical juncture in the history of the global economy. This is the second time HNB is partnering with PROPARCO since 2015. “The agreement is a clear testimony for the confidence placed in HNB by International Financial Institutions, especially within the context of the overhanging uncertainty on account of the COVID-19 pandemic. Through this long-term funding, HNB will be in a position to support the much aggrieved SME segment of our nation,” HNB Managing Director and CEO Jonathan Alles said.

PROPARCO has been supporting sustainable development for 40 years across Africa, Asia, Latin America and the Middle-East. In 2019, PROPARCO committed € 2.5 billion of financing, focused on key development sectors: infrastructure, especially renewable energy, agribusiness, financial institutions, healthcare and education.

Its interventions support private sector actors who contribute to the Sustainable Development Goals (SDGs) by creating jobs and decent incomes, providing essential goods and services and who contribute to poverty reduction and the fight against climate change. Asia is PROPARCO’s third region of intervention, with € 388 million granted in 2019, representing 15% of its commitments.

“PROPARCO is pleased to once again partner with HNB. PROPARCO’s $ 60 million credit line will help HNB to further support SMEs and especially in rural areas. This new operation reflects the ongoing commitment of PROPARCO to facilitate access to credit for job-creating SMEs,” said PROPARCO

Head of Financial Institutions & Inclusion Guillaume Barberousse

A pioneer in financial inclusion that is geared to support Sri Lanka’s engines of economic growth, HNB has won local and global recognition for its efforts to leverage its extensive financial resources and unmatched technological capabilities to deliver sustainable financial solutions to critical segments of the Sri Lankan economy – spanning SME, Micro Finance clients at the grassroots of Sri Lanka’s economy, through to emerging corporates and the upper echelons of the island’s corporate sector.

With 252 customer centres across the country, HNB is one of Sri Lanka’s largest, most technologically innovative banks. The bank has continuously won prestigious accolades including being declared the Best Retail Bank in Sri Lanka for the 11th time by the Asian Banker Magazine, in addition to being ranked among the Top 1,000 banks globally by The Banker Magazine. Locally, HNB leads the Business Today Top 30 rankings and also claimed seven awards at the Best Corporate Citizen Sustainability Awards 2019.