NDB strives to help exporters and entrepreneurs with new product
NDB has introduced “NDB Jayagamu Sri Lanka” for exporters and investors to encourage and support emerging exporters, prospective entrepreneurs and inventors of Sri Lanka, through which both financial and non-financial services will be offered to encourage and facilitate entrepreneurs, exporters and innovators.
To boost the economy and raise the standards of all Sri Lankan in post COVID-19, the world requires the contribution of every Sri Lankan and this initiative by the National Development Bank (NDB) “Jayagamu Sri Lanka” stands as the bank’s commitment towards the development of Sri Lanka as well as developing the country’s exporters and innovators.
This was stated by Eshana De Silva, Chairman, NDB when the “Jayagamu Sri Lanka” was launched last week at the bank’s auditorium in the midst of a large gathering of supporters for this programme.
The main feature of this programme would be to offer advisory services in finding export markets through the Export Development Board, Sri Lanka Export Credit Insurance Corporation (SLECIC), Chamber of Commerce, Daraz and Code 360.com, to facilitate exporters while arranging links between prospective clients and local bodies to obtain services at discounted prices.
They would also create an e-learning platform with their tie-up with ‘Bizeconomics’ to offer training on cash flow management, financial management etc for SME clients using British-qualified advisors.
The country is also learning a lesson from COVID-19 that the country cannot build the future on old foundations as the future belongs to the leaders in thinking of tomorrow’s innovators and entrepreneurs, said Dimantha Seneviratne, Director/Group CEO, NDB and indicated that the bank recognises the potential for transformation in the country’s exporters, entrepreneurs and investors because the key to Sri Lanka’s economic resurgence lies with them.
Furthermore, he said “NDB has worked tirelessly towards improving social resilience; working with women entrepreneurs, driving financial inclusivity, enabling SME’s expand their horizons through e-commerce”.
He said that the country should target moving sourcing out of China, as supply chain disruptions brought about by the global impact of the COVID-19 which presents a window of opportunities for countries to enhance their export markets for those companies who want to set up in places other than China. “Jayagamu Sri Lanka” aims to assist Sri Lankan entrepreneur’s capture these opportunities, he asserted.
He said that financial assistance for exporters in Sri Lanka will come in the form of working capital finance to meet the funding requirements of exporters along with facilities such as pre-and post-export finance.
Other trade related facilities such as bank guarantee, letters of credit revolving STLS etc and with forex facilities, Islamic banking facilities etc, capital expenditure financing will also be offered along with benefits such as concessionary lending rates, fund based on higher LTV on immovable/movable security, funding on acceptable personal guarantees or SLECIC guarantees etc.