Imfino News

Geneva, June 16, 2020 – Symbiotics, the leading market access platform for impact investing, has arranged its first Green Bond, raising USD 7.75 million (LKR 1.42 billion) for Pan Asia Banking Corporation, a prominent commercial bank in Sri Lanka. The main investor in the bond is SEB, the major Nordic banking group.

The bond is the first Green Bond 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 proceeds were fully used towards a 4-year, senior unsecured, local currency loan to Pan Asia Bank.

Pan Asia Bank is a pioneer promoter of green financing in Sri Lanka and plays a pivotal role in making a local positive impact in the sphere of sustainability. The proceeds of the Green Bond will be used to finance, amongst others, sustainable agriculture, renewable energy and energy efficiency projects.

“It is an honor to partner with Symbiotics in this venture to champion the Green cause in Sri Lanka. It’s an illustration of our commitment to support the sustainability cause in Sri Lanka. With these funds, we will promote indigenous crops that will also support the Sri Lankan government’s initiatives to strengthen sustainable agricultural practices. We are proud to lead the local banking industry when it comes to sustainability.” said Nimal Tillekeratne, Director & CEO of Pan Asia Bank.

“We are excited to further extend SEB’s pioneering work in the Green Bond market to include our impact investments in emerging and frontier markets. By encouraging local banks to extend green loans to clients, we broaden our impact scope to offer both social and environmentally sustainable investments.” said Camilla Löwenhielm, Microfinance Portfolio Manager at SEB.

“This Green Bond is a confirmation of Symbiotics’ strategy to make Sustainability, Social and Green Bonds accessible for smaller issuances in emerging and frontier markets. The issuance of this Green bond is fully aligned to our mission to foster sustainable development in emerging and frontier economies and we are excited to nurture and grow this segment of the MSME market even further.” noted Daniel Schriber, Head of Investments at Symbiotics

Link to: Sustainability Social and Green Bond framework for Symbiotics

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About Symbiotics

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 450 companies in almost 90 emerging and frontier markets representing more than USD 5.5 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

About Pan Asia Bank

Pan Asia Banking Corporation PLC (PABC) is a public limited liability company incorporated in Sri Lanka in March 1995. It is a licensed commercial bank under the Banking Act No.30 of 1988 and listed at the Colombo Stock Exchange. Backed by a sterling track record of 25 years of excellence, Pan Asia Bank is strengthened by a diversified portfolio of innovative and comprehensive banking solutions which include a wide range of Retail, SME, Corporate and other banking products. Fortified by a solid branch network of over 85 branches spread across Sri Lanka, Pan Asia Bank has also been recognized as the ‘Fastest Growing Commercial Bank in Sri Lanka’ for four consecutive years by the “Global Banking & Finance Review” for its robust financial performances over the years.

pabcbank.com

About SEB

SEB is a leading Nordic financial services group, founded in 1856. Since then we’ve been guided by a strong belief that entrepreneurial minds and innovative companies are key in creating a better world. In Sweden and the Baltic countries, we offer financial advice and a wide range of financial services. In Denmark, Finland, Norway and Germany, our operations have a strong focus on a full-service offering to corporate and institutional clients. SEB is one of the largest asset management houses in the Nordics. SEB has launched eight microfinance funds since 2013, at a total value of close to USD 900 million.

sebgroup.com