Connect with us

News

ADB approves $100 mn. loan to support SMEs in SL

Published

on

The Asian Development Bank (ADB) has approved a $100 million loan to provide small and medium-sized enterprises (SMEs) in Sri Lanka more access to finance and build their resilience to external shocks, such as the economic crisis and climate change.  

“SMEs play a critical role in Sri Lanka’s economy, contributing 52% to the country’s gross domestic product and employ 45% of the population,” said ADB Senior Financial Sector Specialist Manohari Gunawardhena. “It is therefore important to provide SMEs, particularly women-led enterprises, with the necessary support to sustain and grow the sector’s contribution to the economy. This project will provide working capital and improve SMEs’ access to finance, helping them expand operations and prepare for the changing environment.”

ADB, through participating financial institutions, will open a $50 million line of credit for underserviced SMEs in the export, tourism, technology, agriculture, and manufacturing sectors. It will establish a $500,000 special facility to cover guarantee subsidies for women-led SMEs. A gender gap assessment will be conducted with a view to improving women’s access to finance.  

The project will build on the government’s equity contribution through the National Credit Guarantee Institution Limited (NCGI), which provides partial credit guarantees on loans to SMEs. ADB will help the NCGI adopt procedures to effectively support SMEs including underwriting guarantees, risk management and risk-based pricing, and guarantee recovery operations. The project will incorporate green finance elements through climate adaptation and mitigation measures for SMEs.  

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region. 

(adb.org)

News

2nd round of Grade 06 admission appeals open online today

Published

on

By

The Ministry of Education has announced that online appeals for the second round of Grade 06 admissions in 2025, based on the 2024 Grade 05 Scholarship Examination results, can be submitted from today (July 03) until July 17.

Parents or guardians can submit appeals for up to three schools by visiting the official website of the Ministry of Education at www.moe.gov.lk or directly via the extension at g6application.moe.gov.lk.

Continue Reading

News

Several showers expected today

Published

on

By

Several spells of showers will occur in the Western, Sabaragamuwa and North-western provinces and in Nuwara-Eliya, Kandy, Galle and Matara districts today (July 03), the Department of Meteorology said.

Showers or thundershowers may occur at a few places in the Uva province and in Ampara and Batticaloa districts during the afternoon or night.

Meanwhile, fairly strong winds of about 30-40 kmph can be expected at times over Western slopes of the central hills and in Northern, North-central and North-western provinces and in Trincomalee and Hambantota districts.

The general public is kindly requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

Continue Reading

News

Kahawatte OIC transferred

Published

on

By

The Officer-in-Charge (OIC) of the Kahawatte Police has been transferred to the Jaffna Police Division to facilitate the investigation into the youth who was shot dead on June 30 in Kahawatte, Police said.

A 22-year-old youth died while another was critically injured in a shooting incident in the Yainna area of Kahawatte.

Continue Reading

Trending

Copyright © 2024 Sri Lanka Mirror. All Rights Reserved