News

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

Published

1 year ago

March 18, 2024

nipuni

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

2025 LG polls : Campaigning to end at May 03 midnight

Published

20 minutes ago

April 29, 2025

editor

All campaign activities for the forthcoming 2025 Local Government (LG) Election are scheduled to end at midnight on 03 May, according to the National Election Commission.

Election Commissioner General Saman Sri Ratnayake said the period from 03 May until election day will be declared the pre-poll silent period.

He added that the door-to-door distribution of official ballot papers ends today. Those who have not received their ballot papers can collect them from their area’s sub-post office after April 30 by verifying their identity until election day. The Postal Department also issued a similar announcement.

The EC has decided to use the little finger to mark the appropriate symbol during the LG elections this year.

Meanwhile, the distribution of the official election notices given to the Postal Department for distribution is nearly completed.

News

Police team appointed to assist CoI on Deshabandu

Published

22 minutes ago

April 29, 2025

editor

A police investigation team has been appointed and the names of its members have been submitted to the Committee of Inquiry to inquire and report its findings on IGP T. M. W. Deshabandu Tennakoon in respect of acts of gross abuse of power.

This appointment has been made in response to a formal request by the Committee to the Acting IGP, seeking the assistance of a police investigation team to support the Committee’s investigation.

Accordingly, during its third meeting held in Parliament on 28th April 2025, the Committee decided to commence further investigation with the assistance of the appointed police investigation team.

The Committee also decided to reconvene on April 30.

News

CBSL presents Financial Statements and Operations Report 2024 to President

Published

2 hours ago

April 29, 2025

editor

The Governor of the Central Bank of Sri Lanka (CBSL) – Dr. Nandalal Weerasinghe, officially handed over the Financial Statements and Operations Report 2024 of the Central Bank of Sri Lanka to President Anura Kumara Disanayake at the Presidential Secretariat today (April 29).

A copy of the report was also presented to Secretary to the President Dr. Nandika Sanath Kumanayake.

Several senior officials from the Central Bank were present at the occasion.

(President’s Media Division)