The U.S. Agency for International Development’s (USAID) Private Sector Development project signed a Memorandum of Understanding (MOU) with Hatton National Bank PLC (HNB) to expand financing to micro, small, and medium enterprises (MSMEs) in Sri Lanka.
“Partnerships like this can dramatically enhance economic and social impact more than any of us could achieve on our own,” said USAID Mission Director for Sri Lanka and Maldives Reed Aeschliman.
“HNB has a wealth of first-hand experience working with a large number of MSMEs, to understand what these enterprises need to accelerate their growth to strengthen the export economy of the country,” said HNB Managing Director/CEO, Jonathan Alles.
USAID’s Private Sector Development project will help MSMEs find and finance new business opportunities to strengthen their resilience to market changes and global economic shocks.
By connecting businesses with advisory services, associations, and financial institutions, the project will help them to use technology, accelerate innovation, and access new domestic and international markets.
This project is one component of the longstanding partnership between the U.S. and Sri Lanka to support self-reliance, strengthen stability, and promote economic growth.
USAID’s program in Sri Lanka, totalling more than $2 billion since 1961, promotes a healthy, educated, and employed population.