Sri Lanka’s most profitable conglomerate- the LOLC Group – has set its sights on investments in the former soviet states, with the south Asian, and African markets already under their belt. The Group is currently exploring their opportunities in the financial space in countries like Uzbekistan, Armenia, Azerbaijan, Kazakhstan, Kyrgyzstan, Moldova, Turkmenistan, Tajikistan etc. An official stated that the economic growth in most of these nations is linked to the growth of medium, small and micro enterprises (MSMEs) in three important sectors of the economy – trade and services, transportation, and agriculture. “Increased awareness of the underestimated role of MSMEs in the production of agricultural exports may contribute to the revitalization of agricultural growth within the context of limited natural and financial resources”, he said.
LOLC’s financial services footprint now stretches across Cambodia, Myanmar, Pakistan, Philippines, Indonesia, Nigeria and Zambia. Their global expansion strategy for the financial services sector in Africa remains a key focus, with plans being made for expanding into more markets, the official added.
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