People’s Bank collaborates with IDB to support 5,000 Micro, Small and Medium Enterprises

People's Bank has tied up with the Industrial Development Board (IDB) to initiate a programme to develop Micro, Small and Medium Enterprises (MSMEs) in the country. 

A special event to announce the partnership was organised at the People's Bank Staff Training College recently. The event was graced by the presence of Wimal Weerawansa - Minister of Small & Medium Business and Enterprise Development, Industries and Supply Chain Management; M.A. Ranjith – Secretary, Ministry of Industries and Supply Chain Management; N.G. Panditharathna - Additional Secretary, Ministry of Industries and Supply  Chain Management; Upasena Dissanayake - Chairman of IDB; P.L.U. Rathnamalala - Director General of IDB; K.M.S.G. Bandara - Director Regional Development of IDB; together with Sujeewa Rajapakse – Chairman; Ranjith Kodituwakku - Chief Executive Officer / General Manager and Krishani Narangoda - Deputy General Manager (Enterprise Banking) and staff of People's Bank, the bank said in a media release. 

Based on the agreement, People’s Bank and the IDB have decided to empower around 5,000 MSMEs with technical and managerial support together with proper financial facilities to ensure sustainability of their businesses. The main objective of the project is to develop the industries with greater potential for export, import substitution, domestic value addition and employment generation.

The project is to be financed by the customized credit facilities offered by People’s Bank. IDB has the strength of sourcing most potential customers through their regional centres across the country and developing them with their experienced staff. People’s Bank has the largest outreach with specialized regional credit units to evaluate the proposals and develop customer relationships through its largest branch network, the release said.