HDFC Bank of Sri Lanka, signed a Memorandum of Understanding with HDFC Bank and the National Enterprise Development Authority (NEDA) for developing the SME sector in Sri Lanka. Following the agreement, the HDFC Bank will act as the official Banker of NEDA Entrepreneurship Development Programmes. NEDA, is a Government institution which promotes, supports, encourages and finds suitable financial assistance for the development of Small and Medium Industries in Sri Lanka.
With this initiative, both organizations will work together for the development of the SME sector in Sri Lanka. Through this effort, the HDFC bank and NEDA expects to create opportunities for small and medium scale businesses to diversify towards industrial and economic growth, empower people, build human capital with technical skills as an integral component of enterprise development and facilitate access to finances required for enterprise growth.
The HDFC-NEDA partnership plans to help strengthen demand driven technology transfer, organize training and skills development programmes, strengthen the entrepreneurship value thinking and attitudes in the curriculum of primary, secondary, tertiary educational institutions and technical and vocational programmes to produce job creators rather than employment seekers.
In addition, special programmes are planned to develop Women and Youth entrepreneurship development and strengthen the institutional capacity of training institutions and support women led SME and new women entrepreneurs and will carry out through various measures such as strengthen women chambers and rewarding women entrepreneurs.
The MOU was signed by HDFC Bank General Manager/CEO, Upali Hettiarachchi and NEDA Chairman/ Director General Omar Kamil.
In achieving the objectives of this initiative, the HDFC Bank will coordinate with NEDA to explore the possibilities of promoting credit facilities among the prospective Micro Small Medium Enterprises identified by the Bank. The bank will assist MSME to make aware of the capacity building programmes on Entrepreneurship development.