03rd September 2010, www.dailynews.lk
AMF 2010 will be held from October 12-15 and will bring in the whole of Asia as well as from other parts of the world over 550 delegates, among them who would be leading practitioners, investors, policy makers and other capacity builders. The conference will showcase the future direction of the microfinance industry in Asia. Among the participating institutions are Central Banks, commercial banks, specialized banks and leading microfinance institutions.
LOLC was incorporated in 1980 as a joint venture between ORIX Corporation of Japan and the International Finance Corporation (IFC). The company pioneered the concept of leasing as well as factoring in Sri Lanka and has grown today into the LOLC Group with interests spanning sectors of finance, agriculture, trading, construction, fisheries, transport, manufacturing, leisure, tourism, education, information technology, renewable power and energy, project development, real estate, plantations and vehicle repair services. The financial stability and the aggressive operations in the SME, Micro, Agro and rural sectors have enabled LOLC to partner reputed international funding agencies in serving these sectors. The LOLC Group has 83 branches throughout Sri Lanka offering financial services to customers in all districts.
Since 2003 the LOLC Group has been carrying out microfinancing activities and LOLC Micro Credit Ltd (LOMC) was established in 2009 as the microfinancing arm of the LOLC Group to accelerate and expand the business. LOMC is a subsidiary of LOLC PLC with FMO (The Netherlands Development Finance Company) owning a 20 percent stake of LOMC as its shareholder. LOMC is among the largest microcredit providers in Sri Lanka, providing individual as well as group loans for micro entrepreneurs. Operating under the brand name LOLC Isuru Diriya, the company is currently the largest agriculture implements financier in the country.
LOMC is also the only microfinance provider with strategic partnership with SL Post to deliver microloans, operating through 47 Post Offices catering specially to rural micro entrepreneurs.
The LOLC Group has also taken its business expertise beyond the borders of Sri Lanka with a shareholding in PRASAC, a microfinance Institution in Cambodia and hopes to use the international experience for future development of the local Microfinance Industry.
Image: HNB Chairman - BWTP and Marketing and Retail Banking DGM Chandula Abeywickrema handing over the MOU to LOLC Group Managing Director Kapila Jayawardena. LOLC Microcredit Ltd Director/CEO Ravi Tissera looks on.