DFCC Bank finances local economic development via coconut processing

DFCC Bank Sri Lanka recognizes that one way of being involved in local economic development is through the financing of projects and facilities that generate jobs and uplift the social and economic status of rural communities and people.

So in 2015, DFCC Bank has approved a term loan of Rs60 million (out of a project cost of Rs70 million) to finance the processing facilities of a factory project in Kuliyapitiya that aims to produce coconut water, flour, oil, and chips. The project owner, Consolidated Business Systems Limited (CBSL), incorporated in 1979 as a small family business, is now one of the leading exporters of fresh and dried produce, tea and ready-made ethnic food under the “Sun Island” brand name and exports to Europe, East Asia, Middle East, America, Africa and Australia. It has won the Presidential Export Award in the agricultural products category for seven years from 1992-1994 and 2005-2008.

The project has already implemented and commenced commercial operations in March 2016. It benefited the local economy by creating a demand for local produce and thus uplifting the lives of the locals by generating jobs.

This project won for DFCC Bank a Merit Award in the 2016 ADFIAP Outstanding Development Project under the Local Economic Development Category.