NDB and Ceylon Chamber of Commerce ink MoU to revive SME and export sector

Tuesday, 24 January 2023 00:00 - - {{hitsCtrl.values.hits}}

From left: NDB VP Business Banking Janaka Meepagala, Associate Manager – Legal Dhanushka Ranasinghe, Chief Manager – Business Relationship and Portfolio Management Rasika Dassanayake, VP – SME, Middle Market and Business Banking Indika Ranaweera, Director/CEO Dimantha Seneviratne, Ceylon Chamber of Commerce Secretary General and CEO Manjula De Silva, Head of Centre for SMEs Yasura Samarakoon, Assistant Secretary General Dinithi Dias, and Senior Manager – Legal Avanthi Bandara

NDB Bank recently entered a Memorandum of Understanding (MoU) with the Ceylon Chamber of Commerce to facilitate the development of the SME and export sectors in Sri Lanka.

The partnership will make available exclusive financial solutions offered by NDB Bank to Members of the Ceylon Chamber’s Centre for SMEs.

The agreement focuses on mitigating some of the key challenges faced by the Small and Medium Enterprise (SME) and export sectors and to contribute towards creating an economic infrastructure that will ensure more sustainability for these sectors. The SME sector has been among the hardest hit by the twin challenges of the COVID-19 pandemic and the economic crisis, due to the impact on dollar reserves and the resulting restrictions on export and trade. A significant number of SMEs have either reduced the scale of business or shut down operations, thereby encountering significant losses, and are in dire need of structural and economic support in order to ensure sustainable operations.

The Ceylon Chamber’s Centre for SMEs plays an active role in furthering the development of SMEs, which have been identified as a strategic sector and a driver of inclusive economic growth in the macroeconomic objectives of successive governments.

The Centre offers a comprehensive range of business development services, including consultative services, business recovery assistance, export-related assistance and entrepreneurship guidance.

“Given the vital role that the SME and export sectors play in a thriving economy, ensuring their sustainability and growth is paramount to ensure Sri Lanka’s economic recovery,” Ceylon Chamber Secretary General and CEO Manjula De Silva said.

NDB CEO Dimantha Seneviratne added, “A stable SME sector can generate significant employment opportunities and contribute toward economic and social uplifting.”

The partnership between NDB and the Ceylon Chamber is a two-phase program that supports exporters and COVID-19-affected SMEs with the long-term goal of contributing towards Sri Lanka’s overall economic revival.