IFC Promotes Access to Finance for Small and Medium Enterprises in Sri Lanka

Colombo, Sri Lanka, May 2008—IFC, a member of the World Bank Group, is organizing a banking road show in Matara, Sri Lanka to facilitate access to finance for local small and medium enterprises. The event will be held at Lalitha Hotel on June 6 and 7, 2008.

Led by IFC Advisory Services in the region – the SouthAsia Enterprise Development Facility – the road show is part of a series. Similar prior events have been held in Colombo and Hambantota. Through these events, IFC provides a unique opportunity for local small and medium enterprises to meet with banks that are involved in financing smaller businesses. Participants will include the Commercial Bank, DFCC Bank, Hatton National Bank, Nations Trust Bank, NDB Bank, and Sampath Bank.

Gilles Galludec, IFC Country Manager in Sri Lanka, says, “The objective of this event is to facilitate access to finance and assist small and medium enterprises become a bankable proposition for Sri Lanka’s financial institutions.”

Small businesses in Sri Lanka find it difficult to obtain credit from local banks because of structural weaknesses. “The event will arrange consultations between Sri Lankan banks and small businesses. There will also be sessions on handling complex loan applications, preparing business plans and project proposals, and establishing new banking products for small and medium businesses,” explains Deva De Silva, IFC Financial Markets Specialist.

To expand the scope and relevance of the road show, the Matara District Chamber of Commerce and Industry, the Galle District Chamber of Commerce and Industries, the Export Development Board, and the Industrial Development Board will offer advice to entrepreneurs on the incentives, services, and concessions available from their respective institutions.

Subsequent events will be held in Moneragala and Sabaragamuwa to build a better understanding between bankers and small and medium enterprises.