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World Bank approves 57.4 million US Dollars to strengthen the SME sector

Sep 9, 2010 4:46:03 AM - itnnews.lk

The World Bank announced that it has approved a 57.4 million US dollar credit to strengthen access to finance for the Small and Medium Enterprises in Sri Lanka.

The Small and Medium Enterprise Development Facility Project supports the government’s efforts to improve access to finance for Small and Medium Enterprises affected by the Global Financial Crisis.

Announcing the credit, the monetary institute said that although the Sri Lankan banking sector has proven resilient to the effects of the global credit crisis, SMEs, which represent 91% of firms, have been more impacted.

World Bank Acting Country Director Daniel J. Boyce expressed hope that the development of SMEs will lead to higher incomes and increasing employment opportunities for a larger segment of the population in the country.