The International Finance Corporation (IFC), a member of the World Bank Group, has proposed to extend a US $ 15 million loan to Senkadagala Finance PLC (SFCL).
This is to provide financing to some 2,500 small and medium sized enterprises, owned by women entrepreneurs in Sri Lanka.
The proposed five year-long loan is expected to create between 1,500-4,650 new employment opportunities and the project is currently pending approval and would go to the IFC Board for a decision at the end of this month.
SMEs contribute more than half of the country’s GDP, and this loan would boost access to finance for SMEs, helping to create jobs and increasing overall economic growth in the country.
IFC’s committed portfolio in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and healthcare.
IFC also provides advisory services to promote sustainable growth among SMEs by facilitating access to finance and by offering capacity-building and training opportunities.
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