The US is providing a boost to Small and Medium Enterprises (SME) in Sri Lanka struggling with the impact of the pandemic, by providing $ 75 million to National Development Bank (NDB), the US Embassy said yesterday (6).
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.
The US International Development Finance Corporation (DFC) is awarding a funding line to NDB to support its work in expanding and strengthening the SME sector, particularly among women business owners.
“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,” said US Ambassador to Sri Lanka Alaina B. Teplitz. “The US is committed to ensuring women are employed by and in senior management positions in their own organisations.”
DFC is the development finance institution of the US 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.
USA provides $ 75 m for women led SMEs
07 Jul 2021
USA provides $ 75 m for women led SMEs
07 Jul 2021
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