People’s Bank and IDB join hands to uplift MSMEs

Industrial Development Board (IDB) Chairman Upasena Dissanayake (left) and People’s Bank Chairman Sujeewa Rajapakse (right) exchange agreements while Minister of Small & Medium Business and Enterprise Development Wimal Weerawansa (centre) looks onÂ
Pic by Nimalsiri Edirisinghe

• Agreement reached to nurture 5,000 MSMEsÂ
• MSMEs with potential for exports, import substitution, domestic value addition and employment generation to be developed under the scheme
• Project to be financed by PB’s customized credit facilitiesÂ

State-owned commercial bank, People’s Bank yesterday entered into a partnership with the Industrial Development Board (IDB) to uplift micro, small and medium enterprises (MSMEs) in the country.

People’s Bank tied up with the IDB to kick off a programme that would help empower the MSMEs with the necessary knowledge and best practices. Minister of Small & Medium Business and Enterprise Development Wimal Weerawansa graced the event. At the programme launch event that took place in Colombo, yesterday, People’s Bank said together with the IDB, it has been agreed that 5,000 MSMEs would be nurtured where they would receive technical and managerial support in addition to access to financial facilities to ensure sustainability of their businesses.Highlighting the objective of the initiative, People’s Bank Chairman Sujeewa Rajapakse said the programme aims to develop the MSMEs spread across diverse industries, that have greater potential for exports, import substitution, domestic value addition and employment generation.

He shared that the project will be financed by customised credit facilities offered by People’s Bank.

MSMEs that would be taken onboard the programme would be identified by the IDB and then directed towards the bank for financial support.Â

According to Rajapakse, the loan amount will be decided based on the requirement and the financial feasibility and viability of the project.

“The loans are to be considered subject to the conditions, which are stipulated in the relevant SME loan products. Follow up and review of the loans and the scaling of businesses will be carried out by the People’s Bank in collaboration with IDB,” Rajapakse said. Customers will be able to register with IDB and undergo a comprehensive training, which will allow them to develop a pragmatic business plan that will be analysed by the bank before offering a credit package best suiting the requirement. Meanwhile, IDB Chairman Upasena Dissanayake said the agency has the strength of sourcing most potential customers through the regional centres across the country. Â