Standard Chartered micro-finances Jaffna start-ups

Tuesday, 25 September 2012 00:00 - - {{hitsCtrl.values.hits}}

Standard Chartered, in furtherance of the Memorandum of Agreement (MOA) signed with Youth Business Sri Lanka (YBSL), a project of the Ceylon Chamber of Commerce (CCC), handed out micro-financing facilities to 29 young men and women of Jaffna who had been affected by the war to start up businesses, on Friday, 21 September 2012.

Nine entrepreneurs received cheques from Standard Chartered’s Chief Executive Anirvan Ghosh Dastidar, and 20 others received letters of eligibility. The bank is investing US$ 60,000 in this project which will benefit over 150 recipients, within a two-year cycle.

The micro-financing facilities were made possible for Standard Chartered, which has no presence in the peninsula, via the assistance of a local bank, Hatton National Bank, which will disburse the loans to the recipients on the bank’s behalf. The interest generated through this will be reinvested in the recipients’ community with a focus on improving the available health care facilities.

Dastidar, speaking at the ceremony hosted by the CEO of the Chamber of Commerce and Industries of Yarlpanam, said: “These young men and women, who have grown up in the shadow of the civil war, are an inspiration to us all. They have demonstrated courage in engaging in enterprise, and we salute their effort. We look forward to their thriving and successful businesses.”

The credit scheme managed by HNB and YBSL will help aspiring entrepreneurs disadvantaged through lack of access to capital, to commence and realise their business ideas.

Standard Chartered Bank will continue to share financial knowledge and expertise as well as business counselling, with these young men and women of Jaffna, to improve livelihoods and provide platforms from which small scale enterprise can enter the mainstream of developmental activities, in keeping with its brand promise, Here for good.

Standard Chartered is a leading international banking group. It has operated for over 150 years in some of the world’s most dynamic markets and earns more than 90 per cent of its profits in Asia, Africa and the Middle East. This geographic focus and commitment to developing deep relationships with clients and customers has driven the bank’s growth in recent years. Standard Chartered PLC is listed on the London and Hong Kong stock exchanges as well as the Bombay and National Stock Exchanges in India.

With 1,700 offices in 70 markets, the Group offers exciting and challenging international career opportunities for nearly 87,000 staff. It is committed to building a sustainable business over the long term and is trusted worldwide for upholding high standards of corporate governance, social responsibility, environmental protection and employee diversity.