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Monday November 29th, 2021
Banking

US development lender commits US$225mn to Sri Lanka banks

ECONOMYNEXT – Washington-based US International Development Finance Corporation has given a 150 million US dollar credit to Sri Lanka’s DFCC to re-finance small and medium industries linked to women.

A portion of the loan will be directed towards SMEs owned or led by Sri Lankan women.

The US development lender last week approved a 75 million dollar credit to NDB also prioritizing women.

Sri Lanka’s central bank has said it will provide swaps to banks that bring money from abroad.

The loans are part of US policy to expand financial inclusivity, reduce gender inequality by supporting women-led enterprises.

“Economically empowered women uplift themselves and transform families, communities, and countries,” U.S. Ambassador to Sri Lanka and the Maldives, Alaina Teplitz, said in a statement.

“In order for societies to thrive, women must have access to resources and opportunities.

“The economic consequences of the pandemic make the gender-inclusive investment even more essential.”

Related

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

The International Development Finance Corporation (DFC) is a US state agency.

The agency said it has provided 7 billion dollars to strengthen “women’s economic empowerment” and will provide another 12 billion US dollars by 2025 to reduce gender inequality in emerging markets. (Colombo/July12/2021)

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