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Goldman Sachs, IFC to close credit gap for Sri Lanka’s businesswomen

ECONOMYNEXT – Goldman Sachs, a New York based global investment bank, and IFC, the private sector arm of the World Bank, is loaning Sri Lanka’s Senkadagala Finance 15 million US dollars to finance small businesses headed by women.

"This loan is expected to expand access to affordable financing for women-owned micro and small businesses over a five-year period, helping to narrow the credit gap for businesswomen," IFC said in a statement.

The loan is part of the Women Entrepreneurs Opportunity Facility (WEOF), launched by IFC through its Banking on Women (BOW) programme, and Goldman Sachs 10,000 Women.

Goldman Sachs research shows that closing the credit gap for women-owned SMEs in emerging markets could push income per capita an average of 12% higher by 2030; women entrepreneurs have real potential to impact Sri Lanka’s future growth,” said Charlotte Keenan, Head of 10,000 Women.
A quarter of businesses in Sri Lanka are headed by women, according to IFC.

Sri Lanka has one million businesses, and 92 percent of them are micro and 4 percent small, it said.

“Having started our relationship with the IFC in 2014, this project is timely given the expansion plans of the company.” said Sanath Bandaranayake, Director and Additional CEO at Senkadagala Finance.

The WEOF is a global facility dedicated to expanding access to capital for 100,000 women entrepreneurs.

The program has committed 53 investments globally, totaling 1.68 billion US dollars, and undertaken 39 advisory projects since its launch in 2010. (COLOMBO, 05 April 2018)

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