Business News from Sri Lanka: The Asian Development Bank (ADB) promotes Women’s Entrepreneurship in Sri Lanka through its Entrepreneurs Finance Initiative (We-Fi)-supported Micro, Small and Medium Enterprises (SME) Line of Credit Project.
The Asian Development Bank (ADB) promotes Women’s Entrepreneurship in Sri Lanka through its Entrepreneurs Finance Initiative (We-Fi)-supported Micro, Small and Medium Enterprises (SME) Line of Credit Project.
This was indicated at the Kingsbury Hotel on Tuesday during a Women’s Chamber of Industry and Commerce (WCIC) forum and panel discussion.
Takuya Hoshino, Finance Sector Specialist, ADB, addressing the Forum, said the bank has supported the government in encouraging women’s entrepreneurship and for the achievement of this project in 2018 ADB has pumped USD 12.6 million through We-Fi, which improves the project’s gender effect.
He said the grant will assist ADB to provide access to finance, training and mentorship opportunities for more women-owned or led SMEs. It would also enhance the technical ability of a broad spectrum of stakeholders including government, banks, chambers of commerce and small and medium-sized enterprises.
The main objectives, he said, would include more than 600 women owned or managed SMEs accessing finance; 700 females accessing the online networking platform and personalized business development training; government agencies and chambers of commerce introducing gender action plans while partnering companies implement fresh policies and banking procedures aimed at reaching females SMEs and strict impact assessment
Chathuri Ranasinghe, Chairman of WCIC, said they were pleased to note that the ADB’s vision–prosperous inclusive sustainable Asia and the Pacific–is expanding in the’ Strategy 2030′ to support women’s economic empowerment, with the expectation that 75% of all ADB projects will promote gender equality.
She stressed that this philosophy is endorsed by the Forum and is another step in this direction. She said there are seven other partners, including Bank of Ceylon, Crowdisland, NDB Zephyr and Colombo Stock Exchange, along with ADB.
She claimed that one goal is to work towards enhancing female involvement in the workforce from 36% to 40% by 2020 and to create assistance to improve their understanding, abilities and abilities.
They seek to be the voice for women entrepreneurs and professions in an effort to raise’ women entrepreneurs ‘ efficiency to higher heights and improve their economic contribution, Ranasinghe stressed.