ADB grants 12.5 mln USD to boost women entrepreneurs in Sri Lanka

Source: Xinhua| 2018-07-09 20:17:52|Editor: Li Xia
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COLOMBO, July 9 (Xinhua) -- The Asian Development Bank (ADB) has granted 12.5 million U.S. dollars to help women entrepreneurs in Sri Lanka who have difficulty in accessing finance, local media reported Monday.

The finance ministry, in a statement said that since women led small and medium enterprises face significant difficulties in accessing finance, a grant of 12.5 million U.S. dollars will be mobilized from the Women Entrepreneurs Finance Initiative.

Out of the total amount, around 9.5 million dollars will be lent directly to business women through Sri Lankan lending institutions.

Grants do not have to be paid back.

The finance ministry said women entrepreneurs will be given business training in former war torn north and east and the Uva and Sabaragamuwa provinces which had high rates of poverty.

The World Bank, in a recent report, urged Sri Lanka to encourage more women to work as this would not only help Sri Lanka realize its economic potential but would build on its several achievements.

The report said Sri Lankan women, especially younger ones, do not sufficiently acquire marketable skills, face higher unemployment rates, and receive lower wages than men.