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SAARC Development Fund to extend $ 10 m for Lankan micro, SMEs

SAARC Development Fund (SDF) is launching its Micro, Small and Medium Enterprise (MSME) funding scheme in Sri Lanka.

SDF Chief Executive Officer Dr. Sunil Motiwal stated that the MSME funding scheme comes under the Economic Funding Window of SDF. The Fund has earmarked an amount of $ 10 million to be disbursed under the MSME funding scheme in Sri Lanka. The MSME loan shall be extended to MSME specialised banks in Sri Lanka. Dr. Motiwal expressed confidence that the MSME Program will boost job creation, raise income, and increase investments in human capital in Sri Lanka.

It is seen as a driver of change for inclusive economic growth, regional development, employment generation and poverty reduction in Sri Lanka. It contributes significantly to the GDP of Sri Lanka. The MSME funding scheme shall be used to fund export-oriented clusters in Sri Lanka to promote economic integration and regional cooperation in the entire SAARC region.

Dr. Motiwal emphasised on the need to create an integrated, poverty-free, and prosperous South Asia region through project funding and collaboration. The Fund is working tirelessly to promote regional cooperation and integration in the SAARC region.

SAARC Development Fund (SDF) is established by the Heads of the eight SAARC Member States in April 2010 as an umbrella financial institution for SAARC projects and program in the SAARC region. The fund works for promoting the welfare of the people of SAARC region, improving their quality of life, and accelerating economic growth, social progress and poverty alleviation in South Asia.

(FT)

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