People’s Bank and EDB forge strategic alliance to boost export sector

In a landmark move aimed at propelling the export sector to new heights, the Sri Lanka Export Development Board (SLEDB) and People’s Bank have entered into a strategic partnership. 

The collaborative effort was cemented through the signing of a Memorandum of Understanding (MoU) in Colombo. This partnership endeavours to invigorate the country’s export landscape by identifying and supporting existing exporters, fostering potential market entrants, and catalysing economic growth through amplified foreign exchange earnings and enhanced employment opportunities.

The event which marked a significant milestone in collaborative efforts took place on 14 May with the participation of People’s Bank Chairman Sujeewa Rajapakse, General Manager/CEO Clive Fonseka, and SLEDB Chairman Dr. Kingsley Bernard.

Under this partnership, People’s Bank will offer financial advisory services, funding facilities, and trade finance options, to enhance the export capabilities of existing exporters, nurture potential new entrants, and elevate indirect exporters to direct export status.

This strategic alliance aims to bolster the development of Small and Medium Scale Enterprises (SMEs) and integrate them into the global export market, aligning with the Government of Sri Lanka’s broader economic objectives. People’s Bank has already established Export Sector Specific SME Hubs (Export Hubs) across five strategic branches, leveraging its extensive network of 747 branches island-wide.

The collaboration will also focus on educational initiatives for People’s Bank staff, ensuring they are well-equipped to advise customers on export market requirements and opportunities, thus enhancing the bank’s foreign exchange portfolio.

Sri Lanka Export Development Board will contribute its expertise by identifying global market opportunities and facilitating the necessary prerequisites to promote exports from Sri Lanka.

People’s Bank Chairman Rajapakse said, “As a leading state bank People’s Bank remains firmly committed to develop the export income of the country by empowering SME entrepreneurs in line with the Government’s economic policies. The collaboration with EDB is yet another example of the bank’s efforts to build greater synergies to support this drive.” 

Dr. Kingsley addressing the gathering said, “Adopting an export-led investment approach is key to build economic stability and growth in the country. The collaboration with People’s Bank which has the largest customer base in the country is a great source of strength to our endeavours to diversify and expand Sri Lanka’s export capabilities”.

Also present at the MoU signing included were SLEDB Acting Additional Director General (Development) Anoma Premathilaka, Director – Regional Development Sepalika Jayawardhana, Director – Trade Facilitation and Trade Information Division Dr. Sanjeewa Rathnasekara, People’s Bank Deputy General Manager of Enterprise Banking Wickrama Narayana, Deputy General Manager of Channel Management Nalin Pathiranage, and Deputy General Manager of International Banking Thushari Hewawasam.

This collaboration underscores the commitment of both People’s Bank and the Sri Lanka Export Development Board to driving sustainable economic growth, enhancing foreign exchange revenues, and creating employment opportunities in Sri Lanka.