Four Banks partner with IFC to support SMEs in Sri Lanka
[March 15, 2006 - 06.00 GMT ]

A new partnership forged between four leading Sri Lankan banks and the International Finance Corporation [IFC], the private sector arm of the World Bank Group aims at increasing access to finance for Small and Medium Enterprises [SMEs] and, contributing to the development of this vital sector in Sri Lanka.Commercial Bank, Hatton National Bank, NDB Bank and Sampath Bank are leading players in SME financing and expect to widen their reach And strengthen their role in Sri Lanka through this partnership. 

The South Asia Enterprise Development Facility Sri Lanka Maldives (SEDFLM) has been set up by IFC, with additional funding from the Governments of Norway and the Netherlands to promote the growth of SMEs in these two countries. SEDFLM will be managed and operated by IFC.

SEDFLM will help provide SMEs with increased access to finance and improved financial services, said Gilles Galludec, Program Manager. SEDFLM will also support sub sector development and the creation of an enabling business environment, he added.

Plans are currently underway to provide the four banks with technical assistance and training to expand their SME finance programs. In order to identify the types of training and technical assistance required by partner banks, SEDFLM will be conducting SME focused Diagnostics on the four banks in the coming weeks. It is envisaged that this partnership between IFC and the banks will make a significant contribution towards increasing the access to finance for SMEs in Sri Lanka.

The signing of the Memorandum of Understandings (MOUs) with SEDFLM, took place on Feb 8, 2006 at IFC-SEDFLM office in Colombo.

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Last Updated Date: March 15, 2006 -06.00  GMT