The ADB approved a $100M loan to improve SME access to finance in Sri Lanka, targeting gender equality and climate resilience.
The Asian Development Bank (ADB) approved a $100 million loan to enhance access to finance for small and medium-sized enterprises (SMEs) in Sri Lanka, aiming to build their resilience against economic crises and climate change. SMEs contribute significantly to the country's economy, accounting for 52% of the GDP and employing 45% of the population. The loan involves a $50 million line of credit for underserved SMEs in various sectors and a $500,000 special facility for guarantee subsidies for women-led SMEs. The project will also involve a gender gap assessment to improve women's access to finance and incorporate sustainable finance elements through climate adaptation and mitigation measures for SMEs.
March 18, 2024
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