LOLC Finance-Export Credit Insurance Bureau to support overseas employment financing

Prof. (Dr.) Aruna Shanthaarachchi of SLECIC hands over signed partnership to LOLC Finance Director and Chief Executive Officer Krishan Thilakaratne

LOLC Finance PLC entered into a strategic partnership with the Sri Lanka Export Credit Insurance Bureau (SLECIC) recently, marking a significant step towards strengthening financial support mechanisms for Sri Lankans seeking overseas employment. 

Under this collaboration, the SLECIC, through its APARA scheme, will provide a credit guarantee covering cost of passage advances extended by LOLC Finance via its SME and Personal Finance Business Unit, against the confirmed overseas employment offers. 

This facility is designed to support the prospective migrant workers in meeting the essential pre-departure expenses, including airfares, registration fees payable to the Sri Lanka Bureau of Foreign Employment, visa charges, embarkation taxes, medical examinations and other migration-related costs.

The partnership directly addresses a critical financial barrier faced by many Sri Lankans seeking employment abroad by providing access to formal, structured financing. It reduces reliance on informal lenders and helps mitigate the financial stress often associated with overseas employment preparation. This initiative is expected to play a key role in enabling safe migration while enhancing financial security for migrant workers and their families.

The partnership also reflects a shared vision between LOLC Finance and the SLECIC to advance financial inclusion, promote safe foreign employment and contribute meaningfully to Sri Lanka’s economic development. By empowering individuals with secure and accessible financial solutions, this collaboration aims to create sustainable opportunities for Sri Lankans to pursue overseas employment with confidence and dignity.

The agreement signing ceremony was held recently at the LOLC Finance head office in Rajagiriya. It was signed on behalf of the SLECIC by Prof. (Dr.) Aruna Shanthaarachchi and was formally handed over to LOLC Finance Chief Executive Officer and Director Krishan Thilakaratne.