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$40 Million From The US To Empower SMEs & Support Women 
Posted 17,September

By Chaveendra Dunuwille

In Local News

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In a ceremonial significant and socially distant event, the United States Ambassador to Sri Lanka and the Maldives, Mrs. Alaina Teplitz, provided $40 million in financial aid to Sanasa Development Bank (SDB). 

The $40 million was provided to bolster Sri Lanka’s Small and Medium Enterprises (SME’s) and assist women entrepreneurs and comes as a part of the $265 million funding from the US International Development Finance Corporation to local banks. 

The United States of America remains Sri Lanka’s largest single export destination. In 2020, through the US Trade and Development Agency and USAID, over $13 million worth of Foreign Direct Investment was provided to Sri Lanka. The cumulative total of investments was around $274 million. 

SDB stated that the funds provided would be used to provide 1400 loans in the range of LKR 500,000 to LKR 1 million. 40% of these loans will be granted to businesses owned by women as a part of the DFC’s 2X Women’s initiative. 

The 2X Women’s initiative has mobilized over $7 billion through the private sector and aims to distribute a further $12 billion by 2025 to advance women owned enterprises and gender equality.