HDFC Bank CEO/GM Upali Hettiarachchi and CBSL Director Regional Development D.V.S. Dayawansa exchanging the copies of the signed agreement in the presence of Deputy Director W. Ranaweera, CBSL Senior Assistant Director Jayantha Abeyratne, Chief Manager Credit Manjula Dissanayaka and HDFC Bank Manager Development Credit Anura Dissanayaka
Housing Development Finance Corporation Bank of Sri Lanka (HDFC) signed a Memorandum of Understanding with the Central Bank of Sri Lanka (CBSL) recently with the objective of empowering the self-employed sector in the country.
This Self-Employment Promotion Initiative (SEPI) loan scheme will focus to provide financial assistance to trained youth who pass out from vocational training institutions that come under the purview of the Ministry of Skill Development and Vocational Training (MSDVT) to start self-employment projects.
Though the trainees gain knowledge and skills in different technology areas and are fully competent, it is difficult for them to find a job since most of the industries are located in urban areas and lack of financial facilities is a major barrier for emerging them as entrepreneurs. Hence, the SEPI will provide financial assistance to these trained youth who have completed the courses from recognized vocational training institutes, for establishment of their own self-employment projects. The new loan scheme covers categories of agriculture, industrial, information technology, automotive, construction, electronic and telecommunications, food, refrigeration and air condition, farm machinery, digital imaging and printing, jewelry designing and manufacturing, welding and fabrications sectors and other innovative technology areas.
HDFC Bank expects to fulfill the financial needs of the youth who have undergone a professional training in a specific field from the vocational training institutions to start their own enterprise through the
SEPI loan scheme.
HDFC’s primary objective has always been to serve lower and middle-income groups to meet their needs of housing finance and allied services.