The International Finance Corp. (IFC) is spearheading a US$ 10 mn technical assistant project to uplift Sri Lanka’s small and medium sector. The International Finance Corp. (IFC) is spearheading a US$ 10 mn technical assistant project to uplift Sri Lanka’s small and medium sector. The Washington based IFC has chipped in US$ 2 mn to start off the project, with the balance expected to come from donors like Netherlands, the EU, Japan and Norway.
“It’s a five-year programme to find areas that are hampering smaller business and to empower financial institutions with the right technical skills to evaluate SME businesses,” IFC’s Resident Representative Sanjiva Senanayake told Lanka Business Online on Wednesday.
The SME sector is currently under developed. Around 81 percent of the total labour force currently works in medium and large scale manufacturing plants, while some 19 percent are employed in small enterprises at present. Small scale companies’ account for only five percent of value added services.
The project hopes to complement activities of other credit lines available, and focus on giving technical help to financial institutio