June 30 2021

Sri [email protected] signs MOU with NDB to enable increased access to finance for mid-market firms and SMEs

Funded by the United States, the Sri [email protected] ([email protected]) platform recently initiated a Memorandum of Understanding (MOU) with the National Development Bank PLC (NDB Bank) that will support and accelerate the growth of high potential mid-market firms and Small and Medium Enterprises (SMEs) in Sri Lanka. The collaboration will provide companies on the [email protected] platform with access to a wide array of banking products.

Sri [email protected] is a private sector-led business development platform that was launched in 2020, to support Sri Lanka’s journey to become a high-income country by 2048, when Sri Lanka will celebrate 100 years of independence. [email protected] will work with mid-market firms and SMEs in optimizing internal operations, enhancing product portfolios, accessing new markets, and attracting capital. [email protected] is funded by the U.S. Government’s development arm, the United States Agency for International Development (USAID).

As the Exclusive Banking Partner, NDB will provide value-added services and financing solutions to companies onboarded to the Sri [email protected] platform. In addition, NDB and Sri [email protected] will collaborate on hosting capacity building programs and webinars to educate SMEs on financial services and solutions available to them. The partnership will help to expand [email protected] Portfolio companies and contribute to the growth of the SME ecosystem in Sri Lanka.    

“We are excited to partner with NDB, a pioneer in SME-focused banking in the country as we look to unleash the potential of high-growth SMEs. This MOU will match SMEs with the banking products that are a strategic fit to them.” said Dr. Kumudu Gunasekera, Co-founder of Sri [email protected]

“Even before one of the greatest health crises of our lifetime, NDB has always been at the forefront of supporting MSMEs. Last year, when we introduced Jayagamu Sri Lanka, it was with the intention of being a pillar of strength to the backbone of our economy – all SMEs. We are looking forward to making this partnership successful in order to further provide our services to this sector,” said Dimantha Seneviratne, Group CEO of NDB.  

“Enterprises, particularly SMEs, play a vital role in raising the standard of living in a country, and their importance in the post-COVID recovery process cannot be overstated. This project helps SMEs navigate the current challenges, become more resilient, and increase profits and employment,” said Reed Aeschliman, USAID Mission Director for Sri Lanka and Maldives.

NDB Bank, named the “Bank of the Year Sri Lanka 2020” by the Banker Magazine UK as well as “The Best Bank 2021” by Global Finance, is the 4th largest listed bank in Sri Lanka and the parent company of the NDB Group. The only financial services conglomerate in Sri Lanka, NDB Group is uniquely positioned towards assisting the growth and development of SME sector to provide its customers seamless access to the product and service offerings of all its group companies.

USAID is the development agency of the United States Government responsible for foreign aid. USAID has provided development and humanitarian assistance worldwide for 60 years. The U.S. Government has invested over LKR 350 billion ($2 billion) to benefit the people of Sri Lanka since 1956.To find out more about USAID’s work in Sri Lanka, please visit usaid.gov/sri-lanka.