United States Delivers $40 Million in Financing to Support Small Businesses and Empower Sri Lankan Women

 

United States Delivers $40 Million in Financing to Support Small Businesses and Empower Sri Lankan Women

Source US Embassy Sri Lanka

September 16, 2021: Today, the United States provided $40 million in financing to SDB Bank in order to bolster Sri Lanka’s Small and Medium sized Enterprise (SME) sector and assist women entrepreneurs. the U.S. Embassy in Colombo said in a press release

 

According to the  U.S. Embassy the loan is part of $265 million in funding the U.S. International Development Finance Corporation (DFC) is providing to Sri Lankan banks, including SDB Bank, DFCC Bank, and NDB Bank, to promote international investment and inclusive economic growth.

SDB bank will use the $40 million to provide over 1,400 loans, ranging from LKR 500,000 to 1 million each, to SMEs throughout Sri Lanka. At least forty percent of those loans will be granted to businesses that are owned by women, or provide a product or service that empowers women, as part of DFC’s 2X Women’s Initiative. Many of the loans will also support Sri Lankan businesses impacted by the global COVID-19 pandemic.