IFC reaches out to more small businesses and cooperatives in Sri Lanka

  IFC, a member of the World Bank Group, is to provide advisory services to SANASA Development Bank as it expands to include more micro and small businesses, cooperatives, and retail clients in Sri Lanka. In a media release issued on Monday, the bank said it was now hoping to reach more rural small businesses across the country, boosting financial inclusion. IFC has been a long term advisory partner with SANASA Development Bank since 2010, and also invested in its equity in 2012. Over the course of the next two years, IFC’s assistance will strengthen the bank’s overall operational capabilities and risk management framework. “SANASA Development Bank’s growth strategy involves long-term sustainable growth in three important sectors – SME, retail, and cooperative – to make financing more accessible to a larger number of people,” said Nimal C Hapuarachchi, Chief Executive Officer of SANASA Development Bank PLC. “A transition of this depth requires strong and timely partnerships. IFC’s long-term partnership with SANASA Development Bank will significantly impact the bank’s value-creation process,” said Samadanie Kiriwandeniya, Chairperson of SANASA Development Bank PLC. - ENDS -