New Partnership to Foster Climate Resilience in Sri Lanka as IFC’s South Asia Regional Director Visits to Emphasize Support for the Nation’s Development Agenda
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New Partnership to Foster Climate Resilience in Sri Lanka as IFC’s South Asia Regional Director Visits to Emphasize Support for the Nation’s Development Agenda

To bolster progress and fight climate alter, the Global Finance Company (IFC) and Citizens Progress Organization Finance PLC (CDB)—a major non-banking economic institution in Sri Lanka—are partnering to increase CDB’s green portfolio, fostering sustainable and inclusive advancement.

IFC will assist CDB to broaden its climate finance solution offerings and devise a carbon credit score aggregation organization design, aligning it with the country’s weather commitments. IFC will also assistance CDB assessment and strengthen its environmental and social management process in line with IFC’s Performance Benchmarks.

“Our collaboration with IFC is aligned with CDB’s strategic aspirations to noticing unparalleled development and our business sustainability commitment. This partnership with IFC will fortify our journey of transferring to turning out to be a net zero entity. CDB’s method considers embracing sustainability and tech disruption as the vital enabling pillars,” explained Mahesh Nanayakkara, Managing Director/Main Government Officer, CDB.

This collaboration coincides with the pay a visit to of IFC’s Regional Director for South Asia, Imad N. Fakhoury, who reiterated IFC’s dedication to guidance Sri Lanka’s progress, local weather readiness, and resilience efforts throughout his inaugural vacation to the place.

“Sustainability is at the coronary heart of IFC’s mission in Sri Lanka. Our latest partnership with CDB permits us to leverage our knowledge, together with a deep comprehension of the nation’s monetary marketplaces and a robust area existence,” reported Fakhoury. “In alignment with national priorities, IFC is committed to advancing Sri Lanka’s local climate agenda, fostering economic stability, and building work opportunities and options. We focus on an inclusive transition that prioritizes men and women, work, and prolonged-term advancement. Provided the nascent market place for green finance in Sri Lanka, IFC aims to help financial establishments by creating their capacity and aiding them align their lending portfolios with switching local climate eventualities.”

Fakhoury’s agenda involved meetings with quite a few non-public sector clientele as very well as government dignitaries like the Minister of Power and Energy, Point out Minister of Finance, Advisor to the President of Sri Lanka, Governor of the Central Lender of Sri Lanka, and Secretary of Treasury, amongst many others. His leading priorities are to increase very important non-public money mobilization and greater investment decision in Sri Lanka, whilst underscoring IFC’s dedication to help the country’s economic rebound.

Given that the onset of the pandemic, IFC has invested about $1 billion in Sri Lanka providing essential extensive-term cash and trade financing to help maintain corporations and preserve work opportunities. In response to Sri Lanka’s financial disaster, IFC furnished Cross Forex Swap strains totaling $100 million to a few private banks, furnishing a timely USD liquidity injection to help strengthen the viability of trade, lender liquidity, and access to essential goods and merchandise for the duration of a pivotal period.

 

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