Thursday, 19 July 2018 05:57

NDB secures loan up to $75 m with Commerzbank Germany

National Development Bank (NDB) has successfully negotiated a loan up to $75 million, from Commerzbank Aktikengsellschaft Germany recently. Dubai-based Alpen Capital [ME] Limited was the lead arranger to this loan facility. The proceeds of this loan are to be mobilized in NDB’s general banking business, without restrictions on any specific sector.

The signing of the Agreement between NDB and Commerzbank took place on 12 July, at the Dubai International Financial Centre (DIFC), with representation from the two entities, as well as arranger Alpen Capital [ME] Limited. Commenting on the signing of the Agreement with Commerzbank, NDB Group CEO Dimantha Seneviratne stated that NDB is privileged to be a stakeholder of this facility, proceeds of which are expected to strengthen the balance sheet, and be disbursed at competitive rates to customers. Raising of these funds at competitive rates, at an acceptable tenor with no restriction on specific sectors for disbursement, and also the appetite by Gulf-based financial institutions, shows the confidence the international financial community has placed on NDB. This Agreement also resulted in an influx of foreign currency in to the country for value added deployment.

The Bank is presently driven on an ambitious mid-term growth strategy, and proceeds of this nature are expected to provide much impetus in expanding the Bank’s balance sheet and steering towards its goals.

NDB is committed to the development of the country and its citizens, as a trusted financier with a track record nearing 40 years. It is of the firm conviction that the disbursement of these funds across individual, micro financing, SME and corporate clients will further contribute to NDB’s mission in ensuring the success of its customers, and the country at large.

(FT)

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