Colombo, Sri Lanka, August 8, 2006
—The International Finance Corporation’s SouthAsia Enterprise Development Facility held a session in Colombo to launch the SME Bankers Roundtable, a forum focused on development of small and medium enterprises.
Speaking on the core purpose of setting up the roundtable, Gilles Galludec, IFC’s Country Manager for Sri Lanka and Maldives and Program Manager at SEDF, explained, “In developing a platform for SME development, a link has to be established among bankers in the region that reflects a shared commitment to growth in the SME sector. Bankers need to be encouraged to evolve innovative methods to support SMEs and to address issues of SME financing on a continual basis. The SME Bankers Roundtable is an initiative aimed at creating such a forum.”
P. G. Ganesh, Associate Director of Rabo India Finance, who is currently engaged by IFC-SEDF to study segmentation in Sri Lanka’s SME sector, explained in his presentation, “Our pilot survey has identified nine priority SME sectors, and the findings will help local financial institutions develop products and credit tools to enhance their SME product and service offering in the market.” In a presentation on trends in the South Asian financial sector, Jun Zhang, Principal Investment Officer, IFC – South Asia, said, “IFC has been actively exploring various means to support innovations in the region’s financial sector, by leveraging its global expertise and local, on-the-ground knowledge.”
The SME Bankers Roundtable comprises chief executive officers and heads of SME departments of financial institutions that are partnering with SEDF in Sri Lanka and the Maldives, as well as financial markets experts from IFC-SEDF. Participants in the program included Mr. A. L. Gooneratne, CEO, Commercial Bank of Ceylon; Mr. Rajendra Thyagarajah, CEO, Hatten National Bank; Mr. Nihal Welikala, CEO, NDB Bank; Mr. Anil Amarasuriya, CEO, Sampath Bank; Mr. Nihal Fonseka, CEO, DFCC Bank; and Mr. Mohammed Giyas, Head of Leasing of Maldives Finance Leasing Company. The presentations were followed by a lively discussion on SME financing issues in Sri Lanka.
Access to finance and capacity building are key growth constraints the SME sector faces in Sri Lanka. With assistance in building capacity and other technical support from SEDF, the SME Bankers Roundtable is expected to be able to play an important role in addressing these constraints.
SEDF Sri Lanka Maldives is a multidonor facility managed and operated by IFC, the private sector arm of the World Bank Group. SEDF Sri Lanka Maldives was formally launched in Colombo in May 2006 to promote the growth of SMEs in Sri Lanka and Maldives. In addition to facilitating access to finance for SMEs through the financial sector, SEDF provides direct assistance to SMEs and is helping create an enabling business environment conducive to SME development.
About IFC
The International Finance Corporation is the private sector arm of the World Bank Group and is headquartered in Washington, D.C. IFC coordinates its activities with the other institutions of the World Bank Group but is legally and financially independent. Its 178 member countries provide its share capital and collectively determine its policies.
The mission of IFC is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people’s lives. IFC finances private sector investments in the developing world, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses. From its founding in 1956 through FY05, IFC has committed more than $49 billion of its own funds and arranged $24 billion in syndications for 3,319 companies in 140 developing countries. IFC’s worldwide committed portfolio as of FY05 was $19.3 billion for its own account and $5.3 billion held for participants in loan syndications. For more information, visit
www.ifc.org
.
