As such, the Government mobilized USD 100 million from ADB in 2016, with the objective of financing SMEs and having successfully disbursed these funds, another USD 75 million was mobilized from ADB, in 2018 as an additional financing to further enhance the benefits to the SME sector.
Since women led SMEs face significant difficulties in accessing finance, a grant of USD 12.5518 million will be mobilized from the Women Entrepreneurs Finance Initiative (We Fi) , on top of the loan funds for encouraging women entrepreneurs. Out of the grant of USD 12.5518 million, USD 9.5 million will be provided to the Women entrepreneurs on grant basis through Participating Financial Institutions. The balance amount of the grant will be used for Technical assistance and administrative cost. Additional incentives will be provided for women who complete business skills training and for women in Uva, Sabaragamuwa, Northern & Eastern provinces. The Ministry of Finance and Mass Media will continue to be the Executing Agency of the project, as in the ongoing SME Projects funded by ADB.
In this connection, Dr. R H S Samarathunga, Secretary to the Ministry of Finance and Mass Media 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 a Grant Agreement to obtain USD 9.5 million on 6th July 2018 at the Ministry of Finance and Mass Media.