ADB boosts Lankan SMEs disbursing over USD 350 mn
Asian Development Bank Country Director in Sri Lanka Takafumi Kadono visited ADB aided SMEs in Kandy district recently with a team of media . Kadono was overwhelmed by the success of projects and pledged more support to Sri Lankan SMEs in the future.
The ADB has completed the disbursement of the Small and Medium-Sized Enterprise Line of Credit project (SMELoC), operated since 2016, amounting to approximately USD 350 million and the Strengthening the Regional Development Bank Project (SRDB project) amounting to $50 million in 2019. As of end June 2024, 10,380 small and medium-sized enterprises (SMEs) have benefited from the SMELoC loan and out of this more than 33% were WSMEs and 1,553 WSMEs have received the We-Fi grant blended with SMELoC loan.
In May this year the ADB approved a $ 100 million loan to support for small and medium-sized enterprises (SMEs) through two components: a new SME line of credit ($50 million) for those affected by the economic crisis to provide emergency working capital (SMELOC2 component); and a loan to the government for an equity infusion ($50 million) into the National Credit Guarantee Institution Limited (NCGI), which will provide partial credit guarantees (PCGs) on loans to SMEs with inadequate or no collateral (PCG component).
At a field visit many successful entrepreneurs speaking to Daily News Business expressed their gratitude to ADB for the help given during difficult periods of their businesses.
Excerpts of the discussions
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