Colombo, Sri Lanka, August 13, 2025 – The Commercial Bank of Ceylon PLC (CBC) has successfully issued its debut green bond, with the technical support of the Global Green Growth Institute (GGGI), raising Rs. 15 billion (USD 50 million equivalent) to finance sustainable projects in sectors such as renewable energy. The issuance was oversubscribed on its opening day, reflecting strong demand from investors for sustainable financing instruments in Sri Lanka.
The Basel III-compliant Tier II listed, Rated, Unsecured, Subordinated, Redeemable, bonds were available in six types, across maturities of five, seven, and ten years, with both annual and semi-annual interest payment options.
Preceding the issuance, through the Global Green Growth Institute’s (GGGI’s) MoU with CBC, technical assistance was provided to CBC for the development of its Sustainable Bond Framework (SBF), which sets out the project proceeds eligibility criteria, processes, and standards for selecting projects to be financed through green bond proceeds, as well as the mechanisms for managing and reporting on the use of funds. The framework aligns with the International Capital Markets Association (ICMA) Green Bond Principles 2021 and Social Bond Principles 2023. In addition, GGGI further guided CBC to secure a Second Party Opinion (SPO) from Sustainable Fitch, for the bank’s SBF.
Mr. Sanath Manatunge, Managing Director and CEO of CBC, stated that “GGGI’s technical assistance under our ongoing collaboration has been an enabling factor for CBC to take this important step toward green capital mobilization. Their support in designing the ICMA-aligned Sustainable Bond Framework and guiding us through the SPO process helped ensure that our green bond issuance meets global best practices. We look forward to continuing this partnership as we strengthen our sustainable finance offerings and deliver impactful investments.”
GGGI’s support was delivered through its Global Trust Fund on Sustainable Finance Instruments, funded by the Government of the Grand Duchy of Luxembourg. The program strengthens national green and social finance ecosystem across developing countries through policy framework development, capacity building for private and public sector finance experts, and comprehensive pre- and post-issuance support for thematic bonds. With this issuance, and the USD 50 million issuance earlier this year from Cambodia, the total mobilized through GTF stands at USD 2.2 billion.
Dr. Sonali Senaratna Sellamuttu, Country Representative of GGGI Sri Lanka, congratulated Commercial Bank on the successful issuance and stated, “This green bond marks a significant milestone in Sri Lanka’s journey toward sustainable finance. GGGI was pleased to provide technical support to Commercial Bank in developing its Green Bond Framework and securing a credible Second Party Opinion. We remain committed to supporting CBC through the post-issuance impact reporting phase and look forward to continued collaboration to scale up green investments in the country.”