Colombo, Sri Lanka, May 27, 2008
—IFC, a member of the World Bank Group, is organizing a banking road show in Matara, Sri Lanka to facilitate access to finance for local small and medium enterprises. The event will be held at Lalitha Hotel on June 6 and 7, 2008.
Led by IFC Advisory Services in the region – the SouthAsia Enterprise Development Facility – the road show is part of a series. Similar prior events have been held in Colombo and Hambantota. Through these events, IFC provides a unique opportunity for local small and medium enterprises to meet with banks that are involved in financing smaller businesses. Participants will include the Commercial Bank, DFCC Bank, Hatton National Bank, Nations Trust Bank, NDB Bank, and Sampath Bank.
Gilles Galludec, IFC Country Manager in Sri Lanka, says, “The objective of this event is to facilitate access to finance and assist small and medium enterprises become a bankable proposition for Sri Lanka’s financial institutions.”
Small businesses in Sri Lanka find it difficult to obtain credit from local banks because of structural weaknesses. “The event will arrange consultations between Sri Lankan banks and small businesses. There will also be sessions on handling complex loan applications, preparing business plans and project proposals, and establishing new banking products for small and medium businesses,” explains Deva De Silva, IFC Financial Markets Specialist.
To expand the scope and relevance of the road show, the Matara District Chamber of Commerce and Industry, the Galle District Chamber of Commerce and Industries, the Export Development Board, and the Industrial Development Board will offer advice to entrepreneurs on the incentives, services, and concessions available from their respective institutions.
Subsequent events will be held in Moneragala and Sabaragamuwa to build a better understanding between bankers and small and medium enterprises.
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit
www.ifc.org
.
Since 1970, IFC has committed more than $200 million for 26 projects in Sri Lanka. IFC’s current country exposure is over $150 million in equity, debt, and guarantees, with investments in private infrastructure exceeding $60 million. In 2007, IFC committed more than $20 million in new investments, including over $10 million to local financial institutions under the IFC Global Trade Finance Program. With donor funding from the Netherlands and Norway, IFC also provides advisory services to create a business enabling environment and support value addition to firms through capacity building programs, training, and research.
