LFSUS joins with Commercial Bank for housing financing for low income rural folks

Thursday, 24 August 2017 00:40 - - {{hitsCtrl.values.hits}}

Commercial Bank (CB) signed a tripartite agreement with Lanka Financial Services for Underserved Settlements (LFSUS) and C B Lanka Micro Credit Ltd. (CBLMCL), a registered leading micro finance institution in Sri Lanka, to provide a Rs. 10 million bulk loan in order to disburse among 68 low income families in Monaragala, Kegalle, Galle and Serunuwara assisting more than 300 beneficiaries.

Commercial Bank released this loan through its Baseline branch under the guidance of Development Credit Division. This is the first instance that the Commercial Bank has joined hands with LFSUS to finance microfinance institutions.

LFSUS was initially established in June 2006 through a Memorandum of Understanding (MOU) signed between the United Nations Human Settlements Program (UN Habitat) and the Ministry of Urban Development.

Later, in November 2007 LFSUS was established as a company limited by guarantee to mobilise resources for financing affordable housing and Infrastructure initiatives countrywide to improve the living standards of low income settlers, through the development of bankable projects that promote affordable low income housing.

Currently it operates independently as a credit enhancement facility, encouraging both public and private sector investments to support micro finance institutions. Up to now it has financed 25 projects covering seven provinces and has assisted more than 8,500 beneficiaries.