Colombo, Sri Lanka, 14th March – National Development Bank PLC (NDB) has successfully raised LKR 16.0 billion (USD 51 million) through the issuance of its inaugural Basel III-compliant Tier II Rated Unsecured Subordinated Redeemable GSS+ Bonds, with technical support from the GGGI’s Global Trust Fund (GTF) on Sustainable Finance Instruments Program. The issuance opened on 10 March 2026 and was oversubscribed within the same day, reflecting strong investor appetite for thematic financing instruments in Sri Lanka. 

NDB’s GSS+ Bonds will be used to finance eligible Green (including Blue), Social, Sustainability, and Sustainability-Linked projects, supporting environmentally responsible, socially impactful, and sustainable economic development. The issuance builds on NDB’s longstanding commitment to responsible banking and its established Environmental and Social Management System (ESMS), which helps ensure that financing is directed toward environmentally and socially responsible projects and activities. 

Preceding the issuance, under its collaboration with NDB, GGGI provided technical assistance for the development of the Bank’s GSS+ Bond Framework. The framework sets out the eligibility criteria, governance processes, and standards for the selection and evaluation of projects to be financed through bond proceeds, as well as the mechanisms for management of proceeds and post-issuance reporting. The framework was developed in alignment with the relevant principles and guidance of the International Capital Market Association (ICMA), including the Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines, and Sustainability-Linked Loans Financing Bonds Guidelines, as well as the Sri Lanka Green Finance Taxonomy issued by the Central Bank of Sri Lanka. 

The Global Trust Fund (GTF)  on Sustainable Finance Instruments is funded by the Government of the Grand Duchy of Luxembourg. The program aims to strengthen national green and social finance ecosystems across developing countries through policy framework development, capacity building for public and private sector finance experts, and comprehensive pre- and post-issuance support for thematic bonds. 

About GGGI in Sri Lanka 

The Global Green Growth Institute is a treaty-based international intergovernmental organization supporting low-carbon and climate-resilient growth in developing countries. Sri Lanka is a Member State of GGGI, and a Host Country Agreement was signed between GGGI and the Government of Sri Lanka in February 2023. GGGI’s work in Sri Lanka focuses on climate finance, sustainable transport, climate action, and building ecosystem resilience. 

About NDB 

National Development Bank PLC is one of Sri Lanka’s leading financial institutions. Established in 1979 NDB has played a longstanding role in supporting national development through innovative financial solutions. Sustainability is a core pillar of the Bank’s strategic agenda, with a strong commitment to financing sustainable investments, integrating environmental, social, and governance considerations into its business, and generating long-term value for stakeholders. Through its focus on responsible banking, climate action, and inclusivity, NDB continues to advance sustainable finance in Sri Lanka while supporting more resilient and equitable economic growth.