In Sri Lanka, CLC finances vehicles by allocating loans and leasing contracts. It is thereby contributing to diversifying the range of financing. PROPARCO is supporting the development of its loan portfolio.
The Sri Lankan company Commercial Leasing & Finance PLC (CLC) is specialized in vehicle financing, via loan and leasing products for SMEs and small entrepreneurs. The company has an original distribution network, an independent network of business providers, allowing it to cover virtually all of Sri Lanka. CLC was set up in 1988 and was taken over in 2009 by the group Lanka Orix Leasing Company (LOLC), which holds 98.9% of the shares.
Proparco’s financing will support the development of CLC’s SME loan portfolio. The financial support will assist the company’s growth via certification programs and training for the management and teams.
This operation will contribute to improving financial inclusion and diversifying the range of financial services in Sri Lanka. Indeed, CLC is targeting the lower bracket of SMEs in every sector of the economy, both in urban and rural areas, including in remote areas. More generally, the operation will contribute to boosting the local economic base.
18/12/2015Date of signature of the project
9 229 267 EurosAmount of funding
Loan of USD 10m and technical assistance of EUR 44,000
Commercial Leasing and Finance Company PLC