Softlogic Life Insurance PLC, a key player in Sri Lanka’s insurance sector, has announced the signing of a subordinated loan agreement valued at $15 million. The funds will be provided by the OP Finnfund Global Impact Fund I Ky, in conjunction with the Finnish Fund for Industrial Cooperation Ltd (Finnfund), and the Norwegian Investment Fund for Developing Countries (Norfund).
The agreement outlines that Softlogic Life Insurance will receive $7.5 million each from OP Finnfund Global Impact Fund and Norfund. This financial boost is intended to facilitate the expansion of the company’s business operations and to enhance the Tier 2 capital of Softlogic Life Insurance.
The implementation of this loan agreement will be contingent upon obtaining the necessary regulations and approval from the Insurance Regulatory Commission of Sri Lanka (IRCSL).
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(Colombo/Jan 21, 2025)
