Thousands of women benefit under an IFC/NDB scheme
View(s):There has been significant growth for women in small and medium sized businesses in Sri Lanka, even amid countless market challenges, as a result of an initiative between the National Development Bank PLC (NDB) and IFC, a member of the World Bank Group.
Initially set up five years ago, the partnership between NDB and IFC has led to the opening of over 49,000 new savings accounts dedicated for women, increasing the value of deposits by 600 per cent. It has also helped grow the value of outstanding women small and medium enterprise (WSME) portfolio from US$3.3 million to $12.6 million in just two years, the bank said.
The programme’s aim to increase financial inclusion in the country with a special focus on financing for women has proved successful with retail assets growing by 21 per cent amongst the female base.
As part of the Banking on Women initiative – under the IFC-DFAT Women in Work program in Sri Lanka – IFC partnered with NDB to provide a dedicated holistic banking proposition targeting women entrepreneurs in the country. IFC assisted NDB by developing new financial products including SME loans and digital banking by providing consultancy services drawing on its vast experience obtained through similar programs in other geographies.
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