COYLE, NTB partner to facilitate entrepreneurship

Wednesday, 15 November 2023 00:00 - - {{hitsCtrl.values.hits}}

The Chamber of Young Lankan Entrepreneurs (COYLE) and Nations Trust Bank PLC have entered a partnership to address the crucial need for strengthening entrepreneurship and preparing the next generation of professionals to become successful local entrepreneurs.

The partnership between COYLE and Nations Trust Bank reaffirms their shared belief that empowering young entrepreneurs and professionals is pivotal to the nation’s future. Entrepreneurship serves as a conduit for talented individuals to channel their creativity and ambition into viable businesses that could transform lives and communities, and certainly contribute towards national prosperity.

As Sri Lanka’s leader in digital banking, and one focused on futuristic innovation, Nations Trust Bank is committed to fostering entrepreneurship. Accordingly, the bank has assured financial support, mentorship, and access to invaluable resources for aspiring entrepreneurs, in partnership with COYLE. With its illustrious track record in empowering young leaders, COYLE will take centre stage in organising and facilitating a diverse range of entrepreneurship development programmes, leveraging its extensive network of industry experts and mentors, and inspiring budding young entrepreneurs on their journey.

Entrepreneurship plays a pivotal role in propelling economic growth, job creation, and innovation. A thriving entrepreneurial ecosystem stands as a cornerstone for mitigating youth unemployment and driving sustainable economic development.

Currently Sri Lanka lags behind its peers in entrepreneurship development with high youth unemployment and early-stage entrepreneurs. At present less than 1.5% of the population is involved in entrepreneurial activities, contrasting sharply with rates of 11% and 20% in Bangladesh and Vietnam, respectively. Sri Lanka however ranks 99th in the World Bank’s Doing Business Index, falling behind nations with similar socio-economic conditions. Additionally, the country experiences a significant brain drain. To address these challenges both organisations intend to come together to provide an alternate vision for young minds to build a self-sustaining future in Sri Lanka.