NDB Partners with [email protected] for mid-market firms, SMEs
NDB Bank recently partnered with the [email protected] Platform in order to focus on supporting mid-market firms under the NDB Jayagamu Sri Lanka initiative. A majority of the Sri Lankan businesses come under the SME segment with 45% of employment being under the same category.
Thus, in an effort to uplift this segment, NDB Bank tied up with the [email protected] platform in order to develop the sector and provide the non-financial assistance required to develop the sector. NDB Bank Director/ CEO Dimantha Seneviratne said "Even during one of the greatest health crises of our lifetime, NDB has always been at the forefront of supporting MSMEs. Last year, when we introduced Jayagamu Sri Lanka, it was with the intention of being a pillar of strength to the backbone of our economy - SMEs.
We are looking forward to making this partnership successful in order to further provide our services to this sector.” Sri [email protected] is a private sector-led business development platform that was launched in 2020, to support Sri Lanka’s journey to become a high-income country by 2048, when Sri Lanka will celebrate 100 years of independence.
[email protected] will work with mid-market firms and SMEs in optimising internal operations, enhancing product portfolios, accessing new markets, and attracting capital. [email protected] is funded by the US Government’s development arm, the United States Agency for International Development (USAID). “We are excited to partner with NDB, a pioneer in SME-focused banking in the country as we look to unleash the potential of high-growth SMEs.
This MoU will match SMEs with the banking products that are a strategic fit to them.” said Co-founder of Sri [email protected] Dr. Kumudu Gunasekera. As the Exclusive Banking Partner, NDB will provide value-added services and financing solutions to companies onboarded to the Sri [email protected] platform. In addition, NDB and Sri [email protected] will collaborate on hosting capacity building programmes and webinars to educate SMEs on financial services and solutions available to them.
The partnership will help to expand [email protected] Portfolio companies and contribute to the growth of the SME ecosystem in Sri Lanka. “Enterprises, particularly SMEs, play a vital role in raising the standard of living in a country and their importance in the post-COVID recovery process cannot be overstated. This project helps SMEs navigate the current challenges, become more resilient, and increase profits and employment,” said USAID Mission Director for Sri Lanka and Maldives Reed Aeschliman.