Press release: Symbiotics launches Green Bond in Sri Lanka with Seylan BankWednesday 28th, July 2021
Symbiotics, the leading market access platform for impact investing, has arranged a USD 15.1 million Green Bond for Seylan Bank PLC (“Seylan”).
Seylan will use the proceeds of the Green Bond for financing renewable energy projects within Sri Lanka, such as mini hydro power plants up to 25MW, solar and wind power facilities. All projects will contribute to green energy generation within the country.
“With this Green Bond issuance, Seylan Bank demonstrates its continuous commitment to sustainable finance, in particular the renewable energy sector, to which the proceeds of this bond will be allocated to.”, said Daniel Schriber, Head of Investments at Symbiotics.
“Seylan Bank is honored to welcome the lending facilities from Micro, Small & Medium Enterprises Bonds S.A. serviced by Symbiotics S.A. Enabling the growth and development of Sri Lankan micro, small or medium enterprise (MSME) customers has been a key priority of Seylan Bank which was further strengthened by this transaction. In a post-pandemic landscape, a large responsibility lies on us as a Bank to uplift the MSME customers. The USD 15.1 million loan earmarked for eligible green projects comes at a time when national policy encourages a more sustainable businesses which are environmental and social friendly. We believe these valuable engagements would support Seylan Bank to be part of the sustainable development of Sri Lankan economy gradually.”, added Champika Dodanwela, Chief Financial Officer at Seylan Bank.
With this Green Bond issuance, Seylan displays its commitment to assist the energy transition towards renewable resources via sustainable finance.
The following SDGs are promoted with this Green Bond:
This bond is issued via Symbiotics’ sponsored bond issuance platform (Micro, Small & Medium Enterprises Bonds S.A.) under its Sustainability, Social and Green Bond Framework, which was certified in December 2019 by DNV GL. The Green Bond will be listed on the Luxembourg Green Exchange within the Green Bond section. The proceeds are to be fully used towards a 42-months tenor, senior loan facility to Seylan.
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Symbiotics is the leading market access platform for impact investing, dedicated to financing micro- small and medium enterprises and low- and middle-income households in emerging and frontier markets. Since 2005, Symbiotics has structured and originated some 4,000 deals for over 490 companies in almost 90 emerging and frontier markets representing more than USD 6.5 billion. These investments have been purchased by more than 25 fund mandates and more than 50 third party specialized fund managers, forming a growing ecosystem and marketplace for such transactions. symbioticsgroup.com
At Seylan Bank, we power opportunities and possibilities to create a better tomorrow for our customers, our employees and the community at large. Driven by a strong sense of purpose, we have strived to be ahead in digital innovation thereby delivering a seamless and uninterrupted banking experience. We look forward to the future with optimism to support inclusive growth in 2021 and beyond by affirming our commitment to deliver optimum value to our stakeholders. seylan.lk
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For more information, contact:
Samy Derradji, Corporate Communication Manager, Symbiotics
Champika Dodanwela, Chief Financial Officer, Seylan Bank