US awards USD 75M to help SMEs in Sri Lanka

The United States is providing a welcome boost to Small and Medium Enterprises (SME) in Sri Lanka struggling with the impact of the pandemic.

The US International Development Finance Corporation (DFC) is awarding a USD 75M funding line to NDB Bank to support its work in expanding and strengthening the SME sector, particularly among women business owners. The funding agreement directs a portion of the loan to businesses that are owned by women, led by women, or provide a product or service that empowers women.

“Improving access to finance will enable women business owners in Sri Lanka to realize their full economic potential and will also help the Sri Lankan economy to grow,” said US Ambassador to Sri Lanka Alaina B. Teplitz. “The United States is committed to ensuring women are employed by and in senior management positions in their own organizations.”

DFC is the development finance institution of the United States federal government, primarily responsible for providing and facilitating the financing of private development projects in lower- and middle-income countries.

This assistance is part of DFC’s 2X Women’s Initiative, which aligns with NDB’s Banking on Women initiatives aimed at improving financial inclusivity, gender equity, and supporting women led organizations. (Colombo Gazette)

2 COMMENTS

  1. A great initiative by the US. But the “distribution/administering” of this funding needs some stringent oversight. It is a great pity that Ambassador Teplitz is being rotated at a time when she has at last grasped what is really required in Sri Lanka.

  2. A great initiative by the US. But the “distribution/administering” of this funding needs stringent oversight. It is a great pity that Ambassador Teplitz is being rotated when she has at last grasped what is required in Sri Lanka.

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