Oct 07, 2008 (LBO) – The World Bank is increasing support for Sri Lankan small businesses, through its private sector funding arm, International Finance Corporation (IFC) which is considering giving rupee loans. “Such financing would allow IFC to reach out to companies and sectors which generate local currency revenues (such as the infrastructure sector and second-tier smaller clients) and enhance the development of the local financial markets.”
The IFC will focus on working with companies seeking to export regionally and globally, supporting companies that seek to expand in the region, and extending existing financial products to those that are currently under-served such as SMEs.
It will also work with companies which conduct operations across Sri Lanka, beyond the Western Province, where much of the business activity is now concentrated.
In addition, the IFC provides advisory services through the South-East Asia Enterprise Development Facility (IFC-SEDF).
“Initially, the activities of the IFC-SEDF will focus on three key sectors: financial services, tourism, and ICT.”
The initial funding of 5.5 million dollars was provided by the IFC and the Netherlands and Norway.