Special funding arrangement courtesy US for women-run businesses affected by Covid-19

The US has made arrangements to provide loans to women entrepreneurs struggling to cope with the raging Covid-19 epidemic.

The US Embassy, in a statement issued yesterday (6), said the loan arrangement was meant to boost Small and Medium Enterprises (SME).

The US Embassy says The U.S. International Development Finance Corporation (DFC) would award a USD 75 m funding line to NDB Bank to support its work in expanding and strengthening the SME sector, particularly among women business owners.  The funding agreement directs a portion of the loan to businesses that are owned by women, led by women, or provide a product or service that empowers women.  

“Improving access to finance will enable women business owners in Sri Lanka to realize their full economic potential and will also help the Sri Lankan economy to grow,” said U.S. Ambassador to Sri Lanka Alaina B. Teplitz.  “The United States is committed to ensuring women are employed by and in senior management positions in their own organizations.”   

DFC is the development finance institution of the United States federal government, primarily responsible for providing and facilitating the financing of private development projects in lower- and middle-income countries.  This assistance is part of DFC’s 2X Women’s Initiative, which aligns with NDB’s Banking on Women initiatives aimed at improving financial inclusivity, gender equity, and supporting women led organizations