Business
SDB bank receives USD 40 million loan facility from US International Development Finance Corporation to nurture SMEs and female entrepreneurship
Extending a helping hand during one of the most crucial times for the local economy, the United States International Development Finance Corporation (DFC) recently finalised the official handing over of a USD 40 million (Rs. 7.5 billion) term loan facility to SDB bank to support Small and Medium Enterprises (SMEs), particularly female-owned ventures.
DFC is known for providing access to finance to over 10 million SME and microfinance borrowers in low-income and lower-middle-income countries worldwide and initiating over 800 projects around the world. Offering innovative financial solutions through debt financing, political risk insurance, equity investment and private equity investment funds, the corporation is focused on mobilising capital to solve critical development challenges.
Having approved the loan facility to SDB bank in January, 2021, the DFC recently released funds to the local bank, as part of its global initiative to finance advance development in emerging markets in Africa, the Middle East, Eastern Europe, Indo-pacific and Latin America.
“The DFC gives this loan as part of the US policy to provide financial inclusivity to all, especially to reduce gender inequality and uplift female enterprises,” shared US Ambassador to Sri Lanka and the Maldives Alaina B. Teplitz. She noted: “The Sri Lankan economy is at a crucial juncture and requires long-term, stable funding to recover from the consequences of COVID-19. The US is keen to boost SMEs in Sri Lanka, mainly those that are women-driven, given the adverse impact felt by this segment due to the pandemic.”
SDB bank’s progressive approach to development and its keen focus on financial empowerment and SME development, including the upliftment of women entrepreneurs, led the bank to be selected for the loan by the DFC. The bank’s comprehensive product portfolio targeting women entrepreneurs, including unique female investment schemes and general SME loan offerings, are testaments to its commitment to uplifting this critical group of entrepreneurs.
Forty percent (40%) of the loan facility will be used exclusively for women enterprises, while 60% will be allocated to SMEs in general. The facility also includes a series of value additions, including a Capacity Development Programme to provide SDB bank’s employees access to modern technology.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
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