USAID, DFCC Bank provide MSMEs financing to women and youth

Consular Affairs
By Editor_1
US Ambassador Julie Chung addressing the gathering following the signing of the MOU
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COLOMBO – US Ambassador Julie Chung witnessed the signing of the Memorandum of Understanding (MOU) between DFCC Bank and the US government’s Agency for International Development (USAID) Private Sector Development (PSD) project to expand financial services to micro, small and medium enterprises (MSMEs) in Sri Lanka.

“The US Government shares DFCC’s belief that lending to MSMEs will increase GDP and employment during these challenging times,” said US Ambassador to Sri Lanka Julie Chung. “Through powerful partnerships such as this one with DFCC Bank, we can help MSMEs increase revenues, attract investments, and create jobs – especially for women and youth,” she added.

Through the MOU, DFCC and USAID’s PSD project will enhance financial products and services for MSMEs, strengthen digital penetration and market linkages for MSMEs, and increase access to commercial lending to MSMEs, especially to enterprises located outside of Western Province and those led by women.

Commenting on the partnership, DFCC Bank CEO Thimal Perera said many of the DFCC Bank clients had started as MSMEs and have grown with the Bank to be large corporations and conglomerates that add value to the economy. “Through this new partnership with USAID and Palladium, we look forward to increasing our capacity to empower and facilitate the robust growth and development of the MSME sector – especially women-led enterprises – in Sri Lanka,” he added.

Established in 1955, DFCC Bank is one of the oldest development banks in South Asia, and has historically played a crucial role in the development of the private sector, financing many trail-blazing start-ups that are now leading companies in Sri Lanka. In July 2021, DFCC was awarded a US$ 150 million credit line by US Development Finance Corporation (DFC) through which it launched DFCC Aloka to help women-led businesses benefit from several financial and non-financial services, including preferential interest rates and insurance options.

The USAID PSD project expands financing opportunities for MSMEs by facilitating financing that increases MSME competitiveness, productive employment, innovation, and market linkages. This is one component of the longstanding partnership between the US and Sri Lanka to support self-reliance, strengthen stability, and promote economic growth.

-US Embassy/Colombo

Editor_1
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