Lanka Bangla gets $21m in loan from 2 European lenders

Non-bank financial institution Lanka Bangla Finance Limited has received $21 million in loan from two European lenders – Switzerland-based Financing for Healthier Lives DAC and Ireland’s responsAbility Investments AG.

Of the amount, the Swiss lender will provide $5 million while the Ireland’s one will give $16 million, the NBFI said in a press release on Saturday.

According to the release, the Bangladesh Bank has already given its approval for the foreign loan.

The loan proceeds will mainly be utilised to lend to small and medium enterprises and finance projects which will have positive social impact, it added.

Financing for Healthier Lives issues social bonds for the purpose of lending while responsAbility Investments AG is a Swiss impact investment manager.

Earlier in May, Lanka Bangla received another foreign currency loan of $15 million from BlueOrchard Microfinance Fund.

The NBFI also obtained a foreign currency facility of $20 million from Islamic Corporation for the Development of the Private Sector, read the release.