United States provides $ 75 m to boost Lankan SMEs

Wednesday, 7 July 2021 00:17 - - {{hitsCtrl.values.hits}}

The United States said yesterday it 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 $ 75 million (around Rs. 15 billion) 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 realise their full economic potential and will also help the Sri Lankan economy to grow,” US Ambassador to Sri Lanka Alaina B. Teplitz said. “The United States is committed to ensuring women are employed by and in senior management positions in their own organisations,” she added.

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 organisations.