Lankapage Logo Recent Top Stories
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* IFC invests in Sri Lanka's Senkadagala Finance to expand financing to small businesses
Wed, Feb 19, 2014, 09:53 pm SL Time, ColomboPage News Desk, Sri Lanka.

Feb 19, Colombo: Sri Lanka's Senkadagala Finance entered into an agreement with the International Finance Corporation (IFC), a member of the World Bank Group Tuesday (February 18) for a loan facility of US$ 7 million to support the growth of micro and small businesses across the country.

IFC's funding will enable Senkadagala Finance to extend over 50,000 new loans to micro, small, and medium enterprises over a five-year period, IFC said in a release.

The loan will help Senkadagala Finance increase its presence in Sri Lanka, focusing on the northern and eastern regions. This is IFC's first investment in a non-bank financial institution in Sri Lanka since 1999.

"IFC's investment is timely, as we plan to expand our reach by opening 50 more branches and service centers across Sri Lanka over the next five years. It will also increase access to credit for micro and small businesses," said Sanath Bandaranayake, Director/Additional CEO of Senkadagala Finance.

Micro, small, and medium enterprises play an important role in Sri Lanka. In 2011, IFC estimates that the sector accounted for over 90 percent of all businesses in the country, and contributed nearly 52 percent to Sri Lanka's Gross Domestic Product. Small businesses also play a critical role in promoting balanced regional development. However, credit constraints hinder their development.

"Our investment in Senkadagala will create indirect employment, reduce poverty, and boost shared prosperity," said Adam Sack, IFC Country Manager for Sri Lanka and Maldives. "Small businesses are critical to Sri Lanka's continued growth and development, it is vital they have access to affordable financing options."

Senkadagala Finance PLC, incorporated in 1968, is a prominent, licensed deposit-taking institution. It currently has 61 branches and service centers across Sri Lanka.

Sri Lanka is a priority country for IFC. IFC's committed portfolio of over $280 million in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and healthcare. IFC also provides advisory services to promote sustainable growth among small and medium enterprises by facilitating access to finance, and by offering capacity-building and training opportunities.

ColomboPage - Recent 10 Stories
Three missing Sri Lankan fishermen stranded in Dhanushkodi
-- [5 hours ago]
No room in the country for conflicts based on languages - President
-- [5 hours ago]
Sri Lankan sailor found dead in ship at Dhamra port in Odisha
-- [6 hours ago]
Rangana Herath to captain Sri Lanka in Zimbabwe
-- [7 hours ago]
Indian Foreign secretary, Sri Lankan President discuss economic cooperation
-- [7 hours ago]
Sri Lanka Navy ship Sagara leaves for joint Coast Guard exercise with India and Maldives
-- [8 hours ago]
National Police Commission to conduct separate investigation into Jaffna University students' deaths
Australian miner assesses mineral sands deposits in Puttalam, Sri Lanka
Indian Foreign Secretary arrives in Sri Lanka with a business delegation
Sri Lanka to set up an international multi intelligence unit to combat illicit drug trade

Copyright © 2000, 2014 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.