NDB secures US$75 mn loan from Germany’s Commerzbank
The National Development Bank PLC successfully negotiated a loan up to US$ 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 July 12 at the Dubai International Financial Centre (DIFC), with representation from the two entities, as well as Alpen Capital (ME) Limited who was the arranger.
Commenting on the signing of the agreement with Commerzbank, the Group CEO of NDB, 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 our 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.