HNB secures US$ 60 million funding for SMEs from France’s PROPARCO

Hatton National Bank PLC, recently announced a landmark agreement with PROPARCO, the private sector funding arm of the French Development Bank Agence Française de Développement (AFD), to secure US$ 60 million in funding.

“We are delighted to enter into this long term loan agreement with PROPARCO at such a critical juncture in the history of the global economy. This is the second time HNB is partnering with Proparco since 2015. The agreement is a clear testimony for the confidence placed in HNB by international financial Institutions especially within the context of the overhanging uncertainty on account of the COVID-19 pandemic. Through this long term funding HNB will be in a position to support the much aggrieved SME segment of our nation,” Jonathan Alles, Managing Director / CEO of HNB stated.

Proparco has been supporting sustainable development for 40 years across Africa, Asia, Latin America and the Middle-East. In 2019 Proparco has committed €2.5 billion of financing, focused on key development sectors: infrastructure, especially renewable energy, agribusiness, financial institutions, healthcare and education. Its interventions support private sector actors who contribute to the Sustainable Development Goals (SDGs) by creating jobs and decent incomes, providing essential goods and services, and who contribute to poverty reduction and the fight against climate change. Asia is Proparco’s third region of intervention, with €388 million granted in 2019, representing 15% of its commitments.