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Monday October 25th, 2021
Banking

Sri Lanka’s NDB gets US$75mn from US for women oriented lending

ECONOMYNEXT – Washington based United States International Development Finance Corporation (DFC), is giving 75 million dollar credit to Sri Lanka’ National Development Bank to finance small and medium businesses.

The US embassy in Colombo said the fund will be directed to women owned businesses or for products or services that helps women.

“Improving access to finance will enable women business owners in Sri Lanka to realize their full economic potential and will also help the Sri Lankan economy to grow,” said US Ambassador to Sri Lanka Alaina B Teplitz said in a statement.

“The United States is committed to ensuring women are employed by and in senior management positions in their own organizations.”

The funding is expected to support businesses hit by Coronavirus.

DFC is the development finance institution of the United States federal government, primarily responsible for providing and facilitating the financing of private development projects in lower- and middle-income countries.

This assistance is part of DFC’s ‘2X Women’s Initiative’ which will tie up with NDB’s ‘Banking on Women’ programs to improve financial inclusivity, gender equity, and supporting women led organizations. (Colombo/July06/2021)

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