ComBank gets US$ 25mn Proparco loan to support local SMEs

14 October 2019 12:10 am - 0     - {{hitsCtrl.values.hits}}

A A A

 

 

  • SMEs make up about 75% of SL’s companies 
  • AFD Group’s investments in SL cross EUR 850mn 


Proparco, a subsidiary of the Agence Française de Développement (AFD) Group, dedicated to private sector financing, recently signed an agreement with Sri Lanka’s Commercial Bank of Ceylon PLC to support the island nation’s small and medium-sized enterprises (SMEs).


Through this agreement, Proparco will allocate a US$ 25 million long-term loan to Commercial Bank to be utilized to finance Sri Lanka’s SMEs.


SMEs make up about 75 percent of the total number of companies in Sri Lanka and account for almost half of employment and GDP of the country. 


Despite the key role they play in the national economy, Sri Lankan SMEs experience major difficulties in obtaining credit, which has a significant impact on their capacity to invest,
recruit and grow. 


Supporting SMEs is consequently central to Sri Lankan government’s economic development strategy. This new long-term financing is expected to create or support over 5,000 jobs
in Sri Lanka.

 

Commercial Bank was set up in 1920 and is the leading private bank in Sri Lanka. It is today the leader in financing entrepreneurs and SMEs, thanks to its products tailored to
SME needs. 


The bank has also stood out in recent years for its skills development programme, which has benefitted to over 2000 entrepreneurs since 2015. The bank has also launched a programme for women entrepreneurs, which has already been followed by 850 of them.


Further, Commercial Bank has established 16 agriculture and microfinance units (AMFU) around the country to groom micro entrepreneurs, the future SMEs, by providing continuous financial and non-financial services. 


Annually the bank conducts capacity building/financial literacy programmes to over 1000 micro entrepreneurs as non-financial services.  Over the last ten years, AFD Group has committed EUR 600 million to sustainable projects in Sri Lanka in key development sectors including water and sanitation, urban development, energy, and irrigation. 


With this project, AFD Group’s investments in the country will cross EUR 850 million. 

 

 

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  Comments - 0

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 

Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment




Bio Bubble Bursts on tissa safari drivers

Ukrainian tourists are visiting Sri Lanka at present with the involvement of

Army’s LRRP Ambush of LTTE’s Military Intelligence Chief

A news report in the Dailymirror last August stated that the Long Range Recon

“I don’t think Sri Lankans can be realistically ruled by force” -Ahimsa Wickrematunge

Twelve years after the assassination of Lasantha Wickrematunge, the founding

Decisions to be made in Sri Lanka’s hunt for the COVID-19 Vaccine

Around the world, governments are gearing up to roll out nationwide immunizat

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.