Press release -
Swedfund supports inclusive growth in Sri Lanka
LOLC Group subsidiary and LOFC (LOLC Finance PLC) has signed an agreement with Swedfund, the Swedish Government’s Development Finance Institution (DFI), to receive a total of 10 million dollars in a Senior Loan. LOFC is a leading financial institution in Sri Lanka that enables financial inclusion, an increased tax base and job creation. For Swedfund these are important tools to reduce poverty and support democratic development.
Swedfund’s investment contributes to financial inclusion in Sri Lanka by empowering a growing number of local small and medium sized companies. LOFC contributes to mobilization of domestic resources, creating job opportunities and stimulates government tax revenues.
- Financial inclusion is a key contributor to Swedfund’s mission to eradicate poverty by contributing to improved standards of living through job creation. But also improved gender equality in workplaces and improved access to basic products, services and capital for women, says Maria Håkansson Swedfund’s CEO.
LOLC Group has a long-standing partnership with several Development financial institutions and has been acknowledged for the developmental and transformational role in its communities of operation, led by a business model where there is a particular emphasis placed on the empowerment of women as the driving force behind making this a reality.
Backed by LOLC’s strong brand and financial stability, LOFC is one of the premier finance companies in Sri Lanka, as well as the largest deposit base in the Non-banking Financial institution sector, offering services to small and medium sized companies. LOFC is well-known for its pioneer status within the industry as the first Non-banking Financial institution in Sri Lanka to offer Islamic FinancingProducts, join the SWIFT network, and be granted approval by CBSL to conduct Foreign Currency Business.
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About Swedfund
Swedfund is Sweden's development finance institution for sustainable investments in developing countries. In order to achieve the goal: a world without poverty, more jobs are required in the private sector and that access to renewable energy is increasing. Investments are therefore made within energy & climate, health and to reach small and medium-sized companies.
As a state-owned company, Swedfund is managed by the Ministry of Enterprise and Innovation. The operations are financed partly through capital injections for which the Ministry of Foreign Affairs is responsible and through reflows from the own portfolio. Swedfund was founded in 1979 and has since the start made more than 240 investments in more than 60 countries.
