NDB and the Norwegian Development Finance Institution, Norfund, have reached an agreement for Norfund to invest up to 9.99% in National Development Bank PLC (NDB). Under this agreement, Norfund will participate in the Rights Issue for LKR8Bn that NDB has already announced by way of subscribing to unsubscribed rights and also by way of a private placement if required. This investment is subject to other conditions, including regulator and shareholders approvals. This is Norfund’s 1
st equity investment in Sri Lanka.
The
investment comes at a time when international rating agencies have downgraded
Sri Lanka’s credit rating. This shows that Norfund endorses NDB’s resilience in