ADB releases first loan tranche of USD 25 m to uplift MSMEs in Sri Lanka

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The Asian Development Bank (ADB) has released the first loan tranche of USD 25 million to develop micro, small and medium enterprises (MSMEs) in the country.

A loan of USD 100 million was approved by the ADB to develop MSMEs in 2016 after which an additional loan of USD 75 million was also provided to the same effect.

Further, a USD 2 million grant was also provided by the Japan Fund for Poverty Reduction to train women entrepreneurs in the food and agriculture sector and also to raise the standards of the ICT sector to the global level.

The USD 100 million loan was disbursed within two-and-a-half years while the first tranche of the USD 75 million loan has now been disbursed.

“ADB was happy with the performance of MSME development finance program carried out in Sri Lanka in the past few years which has shown good results,” Bruno Carrasco an ADB director said.

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