EDB disburses over Rs. 200 m assistance to potential and existing exporters

The Export Development Board (EDB) has recognised potential and existing exporters under its financial assistance programs on National Export Brand Development, New Exporter Development, and Market Access Support.

Over Rs. 200 million has been disbursed under these initiatives.

The cheques and certificates to exporters who were selected as beneficiaries under several EDB-led assistance schemes were presented by the Trade Minister Bandula Gunawardena on 28 January.

Speaking at the event, the Minister commended the EDB officials for their commitment and dedication in enabling exports to record an impressive recovery during 2021 and pointed out that the entire nation should become an export zone for the country to achieve economic prosperity.

National Export Brands Development Program 2021-24: Under the EDB’s National Export Brands Development Program 2021-2024, a new initiative to promote 100% Sri Lankan brands — entrepreneurs are encouraged to develop and promote creative, innovative, high value-added products under a home-grown brand name to the international market.

The assistance is extended in the form of a 50% matching grant from the funds allocated under the National Budget 2021. A total sum of approximately Rs. 14 million, which represented 20% cash advance from approved grants subject to maximum assistance, was distributed among 13 companies by the Minister during the event.

New Exporter Development Program: As part of the EDB’s New Exporter Development Program, Rs. 5 million worth cash grants were handed over to 10 companies (Rs. 500,000 each) who were selected as winners during a market-pitching program, which was held last December as the final stage of a SME coaching program on accessing the export market.

The winners were selected by an external evaluation panel after assessing the export marketing plans that were presented by the SME participants.

Market Access Support Program: The Market Access Support program, financial assistance was extended on a cost-sharing basis towards procurement of machinery, establishment of quarantine facilities, quality improvement, capacity development and market development activities, etc. to enterprises interested in expanding their markets, increasing market access, enhancing value addition, improving productivity, encouraging home-grown brands, conformity to international quality, environmental and other standards, upgrading technology and improving competitiveness. 

A total of 111 companies were benefited, amounting to Rs. 192.7 million under this program from 2018 to 2021.  Out of that, cheques worth Rs. 5.9 million were given to five selected companies at this event.

The EDB Chairman Suresh de Mel, Director General Chitranjali Dissanayake and officials of the Trade Ministry and the EDB also participated at the event.