NDB Bank recently partnered with the SL@100 Platform in order to focus on supporting the mid-market firms during this pandemic situation under the NDB Jayagamu Sri Lanka initiative.
The majority of the Sri Lankan businesses are under the SME segment with 45% of employment being under the same category. Thus, in an effort to uplift this segment, NDB Bank tied up with the SL@100 platform in order to develop Sri Lanka’s SME sector and to provide the non-financial assistance required to develop the sector.
NDB Bank Director and CEO Dimantha Seneviratne said “Even during one of the greatest health crises of our lifetime, NDB has always been at the forefront of supporting MSMEs. Last year, when we introduced Jayagamu Sri Lanka, it was with the intention of being a pillar of strength to the backbone of our economy - all SMEs. We are looking forward to making this partnership successful in order to further provide our services to this sector.”
Sri Lanka@100 is a private sector-led business development platform that was launched in 2020, to support Sri Lanka’s journey to become a high-income country by 2048, when Sri Lanka will celebrate 100 years of independence. SL@100 will work with mid-market firms and SMEs in optimizing internal operations, enhancing product portfolios, accessing new markets, and attracting capital. SL@100 is funded by the U.S. Government’s development arm, the United States Agency for International Development (USAID).
“We are excited to partner with NDB, a pioneer in SME-focused banking in the country as we look to unleash the potential of high-growth SMEs. This MOU will match SMEs with the banking products that are a strategic fit to them.” said Dr. Kumudu Gunasekera, Co-founder of Sri Lanka@100.
As the Exclusive Banking Partner, NDB will provide value-added services and financing solutions to companies on boarded to the Sri Lanka@100 platform. In addition, NDB and Sri Lanka@100 will collaborate on hosting capacity building programs and webinars to educate SMEs on financial services and solutions available to them. The partnership will help to expand SL@100 Portfolio companies and contribute to the growth of the SME ecosystem in Sri Lanka.
“Enterprises, particularly SMEs, play a vital role in raising the standard of living in a country, and their importance in the post-COVID recovery process cannot be overstated. This project helps SMEs navigate the current challenges, become more resilient, and increase profits and employment,” said Reed Aeschliman, USAID Mission Director for Sri Lanka and Maldives.
Under the NDB Jayagamu Sri Lanka initiative NDB also partnered with a number of other institutions, including Daraz, Maersk and EDB.
The Bank also tied up with Maersk as a means to support exporters and to benefit exporters with services and expertise in the shipping sector, in addition to the MoU signed between NDB and the Sri Lanka Export Development Board as a means to support exporters and innovators.
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