SDB bank signs MOU with National Enterprise Development Authority

SDB bank Chairperson M.S. Kiriwandeniya exchanging the MOU with National Enterprise Development Authority (NEDA) Chairman Omar Kamil while (from left): SDB bank Chief Operating Officer K. Mayadunne, SDB bank GM/CEO Nimal C. Hapuarachchi and NEDA Director Lakshman Wijeyewardene look on – Pic by Upul Abayasekara

SDB bank last week signed a Memorandum of Understanding (MOU) with the National Enterprise Development Authority (NEDA) to support micro, small and medium entrepreneurs (MSMEs).

The partnership will jointly organise knowledge sharing trainings and capacity building programs, entrepreneurship development, financial literacy credit clinics, recovery programs and also will work to minimise knowledge gap between MSMEs and related institutions of the country for the MSME with the professionals in the SME sector on periodic basis.

Via the MOU the two organisations will strengthen tailor made SME entrepreneurship program for startups, existing enterprises and nursing program for sick industries.

They will officially recognise, reward and motivate successful enterprises and SME heroes to create a culture conducive for entrepreneurial development is another objective. 

The two organisations will also strengthen the entrepreneurship values thinking and attitudes in the curriculum of primary, secondary and tertiary educational institutions and technical and vocational programs to produce job creators rather than employment seekers.

Identified MSMEs will be supported through re-finances scheme with low interest rates.

SMB bank and NEDA will carry out field visits for the potential clients introduced by the NEDA to ascertain the sustainability of the project to consider under micro and SME loan schemes

The MoU also envisages special programs to develop Women and Youth entrepreneurship development and strengthen the institutional capacity of training institutions and development of tailor-made products for customers, using past experiences.

To successfully achieve objectives of the MoU the countrywide network of SDB bank and NEDA is to be used for customer’s benefit.

SDB bank is a public limited liability company incorporated under the Companies Act 17 of 1982 and Re-Registered under Companies Act No.07 of 2007 and registered as a Licensed Specialised Bank by Central Bank of Sri Lanka under the Banking Act No 30 of 1988 (as amended by the Banking Amendment Act of 1995). 

It is listed on the Colombo Stock Exchange Main Board, and classified under the Banks, Finance and Insurance Sector on 31 May 2012. Fitch rating Lanka has affirmed SDB national Long term ratings at BB+ (lka), with the stable outlook. Company’s Registration No is PB 62 PQ.

SDB bank has 89 branches island-wide with more than 1,200 staffs.

National Enterprise Development Authority duly established under the National Enterprise Development Authority Act No: 17 of 2000, which promotes, supports, encourages and finds suitable financial assistance for the development of small and medium enterprises in Sri Lanka. The institution is established under the Ministry of Industry and Commerce. The NEDA functions island-wide with 235 development officers who are attached to DS and DSD officers, to serve MSME customers.