Funding growth Swedfund is investing $15 million in Sri Lanka's Citizens Development Business Finance to expand financing for MSMEs, create jobs, and boost support for women-owned businesses.
PHOTOGRAPH courtesy of SwedFund
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Swedfund has invested $15 million in Citizens Development Business Finance (CDB) to expand financing for micro, small and medium-sized enterprises (MSMEs) in Sri Lanka, with the goal of supporting job creation and women's economic empowerment.
The investment comes as Sri Lanka continues to recover from recent economic challenges that have limited access to long-term financing, particularly for small businesses in rural areas.
"We invest to increase access to capital to support MSME's ability to grow, create more local jobs, add tax revenues and increase affordable access to products and services," said Björn Areskog, investment director at Swedfund.
Thirty percent of the financing will be allocated to women-owned or women-led businesses under the 2X Challenge framework. Swedfund will also work with CDB to strengthen its environmental and social risk management systems and promote climate-related lending practices.
