Sri Lanka to sign cooperation agreement with IFC to boost SME exporters

The Cabinet of Ministers on Monday approved signing a cooperation agreement between the Export Development Board of Sri Lanka (EDB) and the International Finance (IFC) aimed at transforming small and medium-sized enterprises (SMEs) with export potential into active exporters.

The proposal presented by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister received the necessary clearances from the Attorney General and the recommendations from the Foreign Affairs Ministry, paving the way for the agreement’s formalisation.

“This agreement forms part of a broader initiative by the EDB to foster new exporters and expand the country’s export sector,” Cabinet Spokesman and Minister Bandula Gunawardena said on Tuesday at the weekly post-Cabinet meeting media briefing.

The cooperation agreement with the IFC will provide targeted support and facilities to SMEs under the EDB’s development program. 

He said the primary goal is to help these businesses scale up their operations, enhance their competitiveness and successfully enter international markets.

“This strategic partnership is expected to bring significant benefits to SMEs, providing them with access to valuable knowledge, training and financial support. It aligns with the Government’s ongoing efforts to diversify the export base, reduce economic vulnerabilities and promote sustainable development,” Gunawardena added.