Weaving new hope for Sri Lanka's handloom industry

In another progressive step towards reviving and developing the handloom industry, NDB recently conducted an entrepreneurship training program for the students of the Textile Training Institute in Moratuwa.

The Textile Training Institute, operating under the purview of the Textile Department of Sri Lanka conducts a Handloom Textile training course, which aims to provide the technical skills development required to the future successors of the industry. However, it has been revealed that 95% of the students who complete this course do not pursue careers within the handloom industry but resort to other means of livelihoods. This is viewed as one of the main reasons for the waning of the handloom industry in Sri Lanka.  

Commenting at the inaugural ceremony of the training program, NDB Chief Executive Officer Russel de Mel said, “We came to realise that the main reasons for the high dropout rate after completion of the Textile course; was the lack of financial support and entrepreneurial knowledge to embark on an enterprise. The handloom industry is a unique heritage of Sri Lanka and has been deteriorating over time, mainly due to the lack of financial backing and industrial know-how. Therefore, NDB has come forward to support the industry by providing the capital for start-ups and providing entrepreneurship training for the students who have nearly completed the handloom textile course.”

“We hope to begin the restoration of the handloom industry with a vision to make it a self-reliant, thriving industry in the country, while encouraging the younger generation to take up the profession by bridging gaps across the industry and academia. There is a growing demand for authenticity around the globe today and environmentally responsible products such as handloom textiles are becoming increasingly popular. Thus we reckoned that as a Bank committed for national development and a precursor in SME development of Sri Lanka; it was upon us to take initiative to revive this industry and make it more competitive in the current market place. I wish to take this opportunity to invite local entrepreneurs to take advantage of NDB’s gamut of financial and advisory services designed to empower them to take on the emerging opportunities of the new Sri Lanka” de Mel further opined.

Furthering its efforts to revive distinctive local industries of Sri Lanka, NDB initiated a special development program earlier this year with the aim to rebuild the defunct handloom textile industry. The pilot project of a long term development program was launched in the Kuleegama village, Divulapititya of the Gampaha District which has once been renowned for its handloom products. NDB joined hands with the Department of Textile Industry and the Divisional Secretariat of Divulapitiya to support the skilled weavers in the village who have been away from the industry since 2002, to resume weaving. Accordingly, NDB will meet the capital expenditure for the initial set up of enterprises including purchase of weaving machines and raw material and also fill working capital gaps at the latter stages of production.

Reviving the waning traditional industries in the country and creating better export opportunities for such entrepreneurs is a priority focus in NDB’s agenda for SME development. NDB’s initiative to revive the handloom industry and the similar program initiated in the southern province to uplift the mask making industry are first steps of an island-wide program which aims to reinforce identified traditional industries; by widening market access and reawakening interest in such products within the marketplace in order to develop their export potential. NDB strongly believes that this can contribute immensely to the anticipated economic boom in the country while continuously improving the standards of local entrepreneurs.

NDB is one of the fastest growing banks in the country with NDB Group having regional operations in Maldives and Bangladesh. The Bank offers a wide range of commercial banking services through its growing island-wide branch network, catering to an increasing customer base from all walks of life. Through the combined synergies of the diverse constituents of the NDB Group, its customers have access to a full range of banking and financial services; including project finance, corporate banking, SME lending, retail banking, investment banking, stock brokering, wealth management and insurance solutions making NDB a truly Universal Bank.