DFCC Bank Partners with Coconut Cultivation Board to Empower Coconut Sector via “Kapruka Ayojana Loan Scheme”
DFCC Bank, a bank that has been intrinsically involved with sustainable development in Sri Lanka for nearly 70 years, recently entered an agreement with the Coconut Cultivation Board (CCB) to provide loans for coconut cultivators under the CCB’s Kapruka Ayojana Loan Scheme. This scheme provides loans to support coconut cultivators’ coconut land development, including new planting, replanting, intercropping, animal husbandry, and acquisition of the latest machinery and equipment to further mechanization and, thus, productivity and efficiency.
Anton Arumugam, Senior Vice President for Offshore Banking, Remittances and Business Development at DFCC Bank, commented, “We are pleased to announce this partnership between DFCC Bank and the CCB. Having our roots in development banking and having played a pivotal role in the economic development of Sri Lanka’s agricultural sector, we look forward to providing an effective and efficient credit mechanism providing concessionary loans under the Kapruka Ayojana Loan Scheme to coconut-sector players to promote sustainable development in the industry. This will also help boost our coconut exports, a key export market catering to a global market, further bolstering the national economy and creating new economic opportunities for Sri Lankans.”
Accordingly, DFCC Bank will provide loans to qualifying individuals for tenures of up to 5 years, with a 12-month grace period, at an interest rate of 8.00%p.a. Furthermore, borrowers who ensure timely repayments will be entitled to a further rebate on interest from the CCB, providing an additional benefit to spur sustainable development in Sri Lanka’s lucrative coconut sector. DFCC Bank will also further facilitate and conduct knowledge-sharing sessions for borrowers and other industry stakeholders, together with the distribution of literature from the CCB regarding the Kapruka Ayojana Loan Scheme and other industry- and sector-development matters.
The partnership between DFCC Bank and the CCB was officially entered into on February 20, 2024, at the CCB’s offices, with senior officials representing both parties in attendance. DFCC Bank PLC was represented by Anton Arumugam, Senior Vice President for Offshore Banking, Remittances, and Business Development, while the General Manager W M A B Wijesinghe represented the Coconut Cultivation Board.
From L – R: Mr. G.D.T.S. Perera – Deputy General Manager –Finance – Coconut Cultivation Board, Mr. W.M.A.B. Wijesinghe –General Manager – Coconut Cultivation Board, Mr. Anton Arumugam – Senior Vice President for Offshore Banking, Remittances & Business Development – DFCC Bank PLC and Mr. Roshan Eththiligoda – Head of Refinance – DFCC Bank
About DFCC Bank
DFCC Bank is a full-service commercial bank with a rich history of 68 years and offers a diverse range of commercial and development banking services. As part of its Sustainability Strategy 2020-2030, the Bank aims to become a leading institution contributing to greater resilience by creating resilient businesses and supporting green financing and sustainable, socially responsible entrepreneurship. The Bank has received numerous accolades, including being named the ‘Most Trusted Retail Banking Brand’ and the ‘Best Customer Service Banking Brand’ in Sri Lanka in 2021 by Global Brands Magazine UK and ‘Market Leader and Best in Service in Cash Management 2022’ by Euromoney. Additionally, DFCC Bank is ranked among Business Today’s Top 40 Corporates in Sri Lanka, is rated A- (lka) by Fitch Ratings Lanka Limited and is regulated by the Central Bank of Sri Lanka. Attesting to its commitment to sustainability, DFCC Bank is also the first, and presently only, entity in Sri Lanka to have received accreditation from the Green Climate Fund (GCF), granting it access to concessionary funding worth USD 250 million to support climate mitigation and adaptation projects across the Island.