Lanka Orix Leasing Company (LOLC) Group announced its foray into Pakistan by entering into a joint venture with Pak Oman Microfinance Bank to introduce LOLC’s globally accepted Micro finance model and to replicate its success story in Pakistan.
Pak Oman through its new partnership with LOLC hopes to capitalise on the specialty of the LOLC’s distinctive model which enables micro businesses to become small and medium level enterprises through sustainable industrialization.
LOLC Group Managing Director and CEO Kapila Jayawardena speaking at the signing ceremony of the historic joint venture held in Colombo said that Pakistan presents an immense opportunity in the Microfinance area and the LOLC’s partnership with Pak Oman will mark an exciting journey towards elevating poverty, uplifting the livelihoods of women in the Microfinance sector thus building much needed economic bridges.
“The company is looking at holistic development and it enables and empowers micro entrepreneurs. The company has 400,000 in its client portfolio and is the largest microfinance company in the country. This trailer blazer partnership will share the strategic vision of alleviating poverty and transformative economic development,” Jayawardena said.
“Pak Oman Microfinance Bank is a joint venture between the Islamic republic of Pakistan and the Sultanate of Oman, invited to take a majority stake in their microfinance venture. The tie-up would also offer a compelling opportunity for LOLC to expand its footprint thereby touching and empowering millions of lives within and beyond the shores of Sri Lanka.”
Speaking at the event , Finance Minister Ravi Karunanayake said Sri Lanka is much concern of regularizing and safe guarding the Microfinance field to ensure high level of entrepreneurship, an authority to be set up in this regard will ensure that Microfinance operators to be licensed , advised to follow certain guidelines which would create a level playing field and equitable benefits to Microfinance operators of the country thereby contributing to swell the national economy.
“Microfinance processes have gained momentum over the years and contributed to bring down the poverty index and dilute the unemployment population in the country , he emphasised that the government will ensure that lending institutions in the field of microfinance don’t exploit its beneficiaries.”
The LOLC’s partnership with Pak Oman will open new vistas relating to the development of the Microfinance in Sri Lanka, he said adding that such endeavors needs to be truly recognized and appreciated.
The theme of the partnership, ‘building economic bridges’ is timely and the value creation process through new bonds will augur well for the country. We want to really have a robust financial sector in Sri Lanka, the Minister added.
Pak Oman Director Bahauddin Khan speaking at the event said that he is impressed by business prospects of LOLC Group and its dynamic leadership, that has helped the company to excel in a number of business fields.
“ We could work towards becoming a leader in economic power in the region. There are opportunities in the fields of healthcare, technology and trading between the two countries.”
LOLC’s maiden international investment, PRASAC Microfinance institution is currently Cambodia’s largest Microfinance institution, providing access to financial services to rural communities.
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