Canadian Government-funded SDB to strengthen Sri Lankan rural economy

SDB Chairperson Samadanie Kiriwandeniya addressing the gathering. Others from left: Counsellor (Development) of Canada Dr. Jennifer Lalonde, SDB General Manager/CEO Nimal C. Hapuarachchi, High Commissioner of Canada Shelley Whiting, SANASA movement Leader Dr. P.A. Kiriwandeniya, SANASA Campus Vice Chancellor Prof. W. D. Lakshman, Most Ven. Pathberiye Shri Vimalagnana Thero and SANASA Federation General Manager/CEO Navindra Liyanaarachchi

SANASA Development Bank exchanging the signed MOU with SANASA Federation

As the preferred bank for the co-operate movement, SANASA Development Bank (SDB) continues to discharge its obligations and commitment to uplift the living standard of rural communities through SANASA primary co-operate societies by continually providing assistance in capacity building, training and development. 

SANASA Development Bank exchanged the signed Memorandum of Understanding (MOU) with SANASA Federation on 15 July at SANASA Campus, Kegalle for another project funded by Canadian Government. High Commissioner of Canada Shelley Whiting and Dr. Jennifer Lalonde, Counsellor (Development) were present at the occasion representing the Canadian Government.

The project consists of two elements, namely training and research. Under the research category, a survey will be conducted to accelerate the current situation of SANASA society’s gaps which needs to be addressed. Training sessions focus on key areas such as formulating an Investment plan, Business plan and technical training to improve financial and management skills required to take the viable projects in to SME platform.

Arrangements have been made to include 600 SANASA societies in the first round and establish provincial coordinating units, through which the objectives of the MOU are to be achieved.  

While the fund granted by the Canadian Government is being used to develop primary societies, SANASA Society as a community based organisation is planning to increase the contribution towards the national economic development. 

This MOU will be another milestone for SDB, which was formed by the co-operative movements. 

SANASA Development Bank is registered as a licensed specialised bank supervised by Central Bank of Sri Lanka and registered under the Colombo Stock Exchange. SDB has been rated as BB+[lka] by Fitch Rating and BBB and P3 by RAM Rating, operates with a branch network of 83 branches across the country. SDB branches have been able to provide the required financial assistance to its customers as well as Small and Medium scale entrepreneurs in the rural economies. 

SANASA Development Bank has introduced a variety of banking products and services to all segments of customers. Those products and services comes under different brand names of ‘Lakdaru’ children’s savings, ‘Jawaya,’ ‘Uththamavee,’ ‘Upahara,’ ‘Dashaka,’ ‘SDB Aayojana,’ ‘Swarnakirana,’ ‘Ranmini’ pawning services, SDB Leasing, SME Plus, etc., introduced for the convenience of customers.

Samadanie Kiriwandeniya, Chairperson of SDB, Nimal C. Hapuarachchi and General Manager/CEO of SDB were present on behalf of SDB. Dr. P.A. Kiriwandeniya, Leader of SANASA movement and General Manager/CEO of SANASA Federation, Navindra Liyanaarachchi represented SANASA Federation at the signing of the agreement.  

Prof. W.D. Lakshman, Vice Chancellor of SANASA Campus, D.M Rathnayake, Registrar of SANASA Campus, directors and corporate management of SDB were present at this occasion. Representatives from a large number of SANASA primary societies were also present.