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Financial Assistance of USD 50 million from the Asian Development Bank (ADB) Strengthening the Pradeshiya Sanwardana Bank (Regional Development Bank – RDB) Project 

 

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The Government’s vision 2025 – A Country Enriched policy document has identified the importance of enhancing the access to finance for the micro, small and medium enterprises. Accordingly, the Government launched the “Enterprise Sri Lanka” Loan Schemes on an Island-wide basis in 2018, to create an entrepreneurial society, particularly amongst our youth, by providing access to capital at concessionary interest rates. In this context, the Government facilitated the Pradeshiya Sanwardana Bank, by providing a sovereign guarantee, to obtain a loan amounting to USD 50 million from the Asian Development Bank which is operating island wide providing financial and advisory services to Micro, small and medium enterprises. 

The project will increase employment opportunities in micro, small and medium enterprises.  Accordingly, the RDB’s capacity to serve its micro, small and medium enterprise clients will be strengthened by expanding RDB operations, strengthening RDB’s operational capacity and enhancing the capacities of micro, small and medium enterprises to access financial services.   

In this connection, Dr. R H S Samarathunga, Secretary to the Ministry of Finance on behalf of the Government of Sri Lanka and Ms. Sri Widowati, Country Director of ADB Sri Lanka Resident Mission on behalf of ADB, signed the Guarantee Agreement on 14th June, 2019 at the Ministry of Finance. In addition, Mr. Sujith Prasanna Kariyawasam, Chairman of RDB and Mr. Thetchanamurthy Kuhan, General Manager / Chief Executive Officer (Acting) on behalf of the Regional Development Bank and Ms. Sri Widowati, Country Director of ADB Sri Lanka Resident Mission on behalf of ADB, signed the Loan Agreement to obtain a loan of USD 50 million on 14th June, 2019 at the Ministry of Finance. 

   

 

 

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