Commercial Bank gets Proparco funds for Sri Lanka SMEs

ECONOMYNEXT – Proparco, a unit of French aid agency Agence Française de Développement (AFD), is providing 25 million US dollars to Sri Lanka’s Commercial Bank of Ceylon for small and medium enterprise finance.

The embassy of France in Colombo said the agreement was signed on October 10.

“Despite the key role they play in the national economy, Sri Lankan SMEs experience major difficulties in obtaining credit, which has a significant impact on their capacity to invest, recruit and grow,” the statement said.

“Supporting SMEs is consequently central to the Sri Lankan Government’s economic development strategy.”

The finance is expected to generate over 5,000 jobs in Sri Lanka. (Colombo/Oct13/2019)

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