In New Delhi:
Minakshi Seth
Phone: +91 11 4111 1058
E-mail: mseth@ifc.org


Colombo, Sri Lanka, September 23, 2008—IFC, a member of the World Bank Group, is organizing a banking road show in Ratnapura, Sri Lanka, to facilitate access to finance for local small and medium enterprises. The event will be held at Samurdhi Reception Hall on October 17 and 18, 2008.

The road show, which is part of a series, provides a unique opportunity for local small and medium enterprises to meet with banks that are involved in financing smaller businesses. Participants will include the Commercial Bank, DFCC Bank, Hatton National Bank, Nations Trust Bank, NDB Bank, and Sampath Bank. Similar events have been held in Colombo, Hambantota, and Matara.

Per Kjellerhaug, IFC Manager for South Asia, said, “Our past events proved to be excellent platforms for facilitating access to finance for small and medium enterprises, while helping Sri Lankan financial institutions look at funding SMEs as a bankable proposition. The road show in Ratnapura will aim to achieve the same objective.”

Small businesses in Sri Lanka find it difficult to obtain credit from local banks because of structural weaknesses. “The event will arrange consultations between Sri Lankan banks and small businesses. There will also be sessions on handling complex loan applications, preparing business plans and project proposals, and establishing new banking products for small and medium businesses,” said Deva De Silva, IFC Financial Markets Specialist.  

To expand the scope and relevance of the road show, the Sabaragamuwa Chamber of Commerce and Industry, the Export Development Board, the Industrial Development Board, and the Industrial Technology Institute will each offer advice to entrepreneurs on the incentives, services, and concessions available from their respective institutions.

Subsequent events will be held in Moneragala and Embilipitya.

Led by IFC Advisory Services in the region – the SouthAsia Enterprise Development Facility, the road show is part of a series funded by the Norwegian Government.
 
About IFC
IFC, a member of the World Bank Group, fosters sustainable economic growth in developing countries by financing private sector investment, mobilizing private capital in local and international financial markets, and providing advisory and risk mitigation services to businesses and governments. IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. In FY07, IFC committed $8.2 billion and mobilized an additional $3.9 billion through syndications and structured finance for 299 investments in 69 developing countries. IFC also provided advisory services in 97 countries. For more information, visit www.ifc.org.

Since 1970, IFC has committed more than $200 million for 26 projects in Sri Lanka. IFC’s current country exposure is over $150 million in equity, debt, and guarantees, with investments in private infrastructure exceeding $60 million. In 2007, IFC committed more than $20 million in new investments, including over $10 million to local financial institutions under the IFC Global Trade Finance Program. With donor funding from the Netherlands and Norway, IFC also provides advisory services to create a business enabling environment and support value addition to firms through capacity building programs, training, and research.