NDB Bank facilitates low income house upgrading project with Women’s Bank

NDB bank in collaboration with Lanka Financial Services for Underserved Settlements (LFSUS) has recently approved a financing facility of Rs. 11.32 million for the Sri Lanka Women’s Development Services Cooperative Society Ltd. (Women’s Bank).

The society was established in 1996 with the vision of improving and enhancing the existing condition of living within the low income communities in Sri Lanka.

This facility will be used to support 175 low income earning families in the Kaduwela area.  The funds granted will be used to construct, improve or renovate their homes.

LFSUS is a company limited by guarantee, which comes under the United Nations Human Settlement Programme (UN Habitat), together with the Sri Lanka Government. It has been set up for the purpose of providing financial assistance to underserved settlements in Sri Lanka and will provide these families the opportunity to improve their living conditions.

NDB Bank has always been committed to uplifting the lives of people from all walks of life. Its aim as a responsible corporate is to create a positive impact in society by financing projects of this nature.

NDB Bank Vice President Retail and SME Banking Raj Aboobucker said: “We are grateful for LFSUS for identifying a key area for us, which is empowering women through financial assistance. LFSUS facilitated the granting of a loan funded by us through Women’s Bank for this purpose. Women are a driving force in our economy and a key decision maker in our homes. Therefore, it is the duty of every corporate citizen to provide the kind of benefits that they deserve for their personal upliftment.”

This funding is within the scope of NDB’s Divi Aruna Scheme launched in June 2010 with the aim of developing livelihoods in the post war era.  Through this scheme, the bank provides them with the much-needed capital together with flexible repayment terms at an attractive pricing. The model used for this scheme helps develop social relationships within and across groups of borrowers and the bank, creating a change among the society at large.

“In line with our aim to inculcate the savings habit among all citizens, we believe initiatives such as this will bring these women into the banking stream, while improving their quality of life.” Aboobucker added.

Through its many financing facilities, NDB Bank hopes to enhance and enable access to finance to SMEs as well as those less fortunate. The bank remains committed to uplifting the lives of these individuals, whilst fostering sustainable development of a nation. It remains committed to its mission ‘to be dominant in the financial services sector, creating superior long-term shareholder value and contributing to economic development in Sri Lanka.

LFSUS Chairman Chandula Abeywickrema emphasised on the importance of a habitable living, which will not only support to develop oneself but also a nation as a whole. He also highlighted the solidity and creditworthiness of the marginalised sector in Sri Lanka.

“Through this project, we are planning to provide financial literacy and capacity building programmes to uplift the living standard of these communities and ultimately achieve our vision of making low income settlers bankable,” Abeywickrema added.

The success of Women’s Bank with the long journey it has come with difficulties and where they stand at present was briefly explained by founder and General Manager of Women’s Bank Nandasiri Gamage. He mentioned the strength of the organisation and the support it has rendered to the community throughout its inception and expressed his gratitude of being partners on this house upgrading project with NDB and LFSUS.

Officials from NDB, Women’s Bank and LFSUS along with the LFSUS Director Board participated in the occasion, which took place on 13 October 2011 at Women’s Bank premises in Seevalipura, Borella.