IFC, NTB help small businesses become more competitive

IFC, a member of the World Bank Group, is working with Sri Lanka’s Nations Trust Bank (NTB) to help up to 30,000 small business owners become more competitive through a series of advisory interventions, sharpening their readiness to access new markets.  

With IFC’s advisory assistance, the bank has strengthened its institutional capacity over the last two years to expand product portfolio, service small business clients, and increase access to financial services for them. The bank is now using IFC’s SME Toolkit, an online resource that provides training and management tools for small businesses through multi-lingual ‘how-to’ content, to train staff members who in turn will train the bank’s entrepreneur clients.

 “IFC’s support has helped us broaden our reach and introduce more financial products to cater to the small and medium entrepreneur better,” said NTB Deputy General Manager, Retail and  SME Banking Keshini Jayawardena, who added, “IFC’s broader program is assisting the bank gain exposure to international best practices in risk management and compliance with Basel requirements.”

IFC Country Manager for Sri Lanka and Maldives Adam Sack said: “Nations Trust Bank’s expansion plans complement IFC’s mandate to promote inclusive growth through increased access to financial services across the country.”  

Over 6,000 micro and small entrepreneurs in Sri Lanka have been trained under the SME Toolkit program that was launched in Sri Lanka in 2008 with Dialog Axiata as local partner. It is adapted to suit local needs, with training imparted in English, Sinhala and Tamil. This Toolkit site attracts over 25,000 unique visitors every year.    

Sri Lanka is a priority country for IFC.

IFC’s committed portfolio of $180 million in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and health care.

 IFC also provides advisory services to promote sustainable growth among small and medium enterprises by facilitating access to finance and offering capacity-building and training opportunities.