WCIC hails allocation of 5% loan portfolio for women entrepreneurs, in national budget

Women’s Chamber of Industry and Commerce (WCIC) congratulates the Government and the Finance Minister, for the important step taken in directing banks to lend 5% of their total loan portfolio to women Micro, Small and Medium Enterprises (MSMEs), as announced in the new budget proposals for 2015-16.

WCIC is particularly thankful that their proposal under their advocacy project ‘Lend to Her to Grow the Economy’ was accepted by Ravi Karunanayake and his team and look forward to collaborating with the Ministry and banks to implement it. WCIC says this is a vital step in contributing to accelerating the development of the country.

WCIC Chairperson Rifa Musthapha said that this was indeed a proud and happy, historic moment for the members of the Women’s Chamber as well as all women SMEs in Sri Lanka. “We are delighted that the Government accepted WCIC’s proposal, which was developed after much deliberation and discussion with women MSMEs across Sri Lanka as well as leading retail banks in our country.”

Musthapha went on to note, “The endeavour by the Government, a first for Sri Lankan women MSMEs is thrilling for us and makes us hopeful that this will spur women in enterprise to enhance and upscale their businesses. As an organisation that represents the interests of women entrepreneurs, we are confident that this step will undoubtedly impact the national economy.”

As a two-pronged approach, WCIC’s policy advocacy team, headed by Chairperson Rifa Musthapha has embarked on a pilot project with select women MSMEs to upgrade their business finance skills and help overcome any barriers that might exist in accessing credit from banks, while urging the banks to incentivise the women business owners through a specially allocated amount.