NDB Bank recently entered a Memorandum of Understanding (MoU) with the Ceylon Chamber of Commerce to facilitate the development of the SME and Export sectors in Sri Lanka.The partnership will make available exclusive financial solutions offered by NDB Bank to Members of the Ceylon Chamber’s Centre for SMEs.
The Agreement focuses on mitigating some of the key challenges faced by the Small and Medium Enterprise (SME) and export sectors and to contribute towards creating an economic infrastructure that will ensure more sustainability for these sectors. The SME sector has been among the hardest hit by the twin challenges of the Covid-19 pandemic and the economic crisis, due to the impact on dollar reserves and the resulting restrictions on export and trade. A significant number of SMEs have either reduced the scale of business or shut down operations, thereby encountering significant losses, and are in dire need of structural and economic support in order to ensure sustainable operations.
The Ceylon Chamber’s Centre for SMEs plays an active role in furthering the development of SMEs, which have been identified as a strategic sector and a driver of inclusive economic growth in the macroeconomic objectives of successive governments.
The Centre offers a comprehensive range of business development services, including consultative services, business recovery assistance, Export related assistance and entrepreneurship guidance.
‘Given the vital role that the SME and Export sectors play in a thriving economy, ensuring their sustainability and growth is paramount to ensure Sri Lanka’s economic recovery.’ Manjula De Silva, the Secretary General and CEO of the Ceylon Chamber said. Dimantha Seneviratne the CEO of NDB added that ‘a stable SME sector can generate significant employment opportunities and contribute toward economic and social uplifting’.
The partnership between NDB and the Ceylon Chamber is a two-phase programme that supports exporters and COVID-19-affected SMEs with the long-term goal of contributing towards Sri Lanka’s overall economic revival.
NDB Bank was recently named the Best Bank in Sri Lanka by Euromoney, making it the fourth major award received from the world’s most prestigious publications in financial services – Euromoney, Global Finance and The Banker. This win for NDB comes in the light of being named the “Most Awarded Corporate 2021” as per LMD ranking. The Bank was also recently named one of the “Top 50 Best Workplaces in Sri Lanka 2022” by Great Place To Work, USA. NDB is the 4th largest listed bank in Sri Lanka and the parent company of the NDB Group. The only financial services group in Sri Lanka, NDB Group is uniquely positioned towards assisting the growth and development of the Sri Lankan financial market to provide its customers seamless access to the product and service offerings of all its group companies.