Colombo, Sri Lanka, April 05, 2018—
IFC, a member of the World Bank Group, is investing $15 million in Senkadagala
Finance PLC to help the company expand access to finance for women entrepreneurs
across Sri Lanka. This loan is part of the Women Entrepreneurs Opportunity
Facility (WEOF), launched by IFC through its Banking on Women (BOW) program,
and Goldman Sachs 10,000 Women.
This loan is expected to expand access to
affordable financing for women-owned micro and small businesses over a
five-year period, helping to narrow the credit gap for businesswomen. Of
Sri Lanka’s one million businesses, over 250,000 are headed by women.
Ninety two percent of these are micro and four percent are small sized.
The IFC Enterprise Survey in 2011 estimates that up to 65% of small
enterprises do not have access to a bank loan or credit.
“Having started our relationship with the
IFC in 2014, this project is timely given the expansion plans of the company.
It will enable Senkadagala Finance to further extend credit to women entrepreneurs,”
said Sanath Bandaranayake, Director/Additional CEO of Senkadagala Finance.
This is IFC’s first investment in Sri Lanka
targeted exclusively at women-owned entrepreneurs, and IFC’s first local
currency loan in the country.
“This project fits well with IFC’s strategy
to promote sustainable, inclusive growth, and we are keen to help create
more and better jobs for women and narrow the credit gap for women entrepreneurs,”
said Amena Arif, IFC Country Manager for Sri Lanka and Maldives. “IFC’s
second investment with Senkadagala Finance will create opportunities for
female entrepreneurs in Sri Lanka, enabling them to grow and prosper.”
The WEOF is the first-of-its-kind global
facility dedicated to expanding access to capital for 100,000 women entrepreneurs.
It aims to help close the credit gap for women-owned businesses around
the world. IFC’s BOW program is playing a catalytic role in helping financial
institutions meet the needs of women entrepreneurs in a sustainable and
profitable way. The program has committed 53 investments globally, totaling
$1.68 billion, and undertaken 39 advisory projects since its launch in
2010. Of these, WEOF has supported more than $930 million in commitments
to financial institutions in 19 countries.
“Goldman Sachs research shows that closing
the credit gap for women-owned SMEs in emerging markets could push income
per capita an average of 12% higher by 2030; women entrepreneurs have real
potential to impact Sri Lanka’s future growth. Through this partnership,
we will help to build resilient, women-owned businesses and enable women
entrepreneurs to reach their full potential with the capital and support
they need,” said Charlotte Keenan, Head of 10,000 Women.
Sri Lanka is a priority country for IFC.
IFC’s committed portfolio in Sri Lanka covers projects across a range
of sectors, including infrastructure, tourism, renewable energy, finance,
and healthcare. IFC also provides advisory services to promote sustainable
growth among small and medium enterprises by facilitating access to finance
and by offering capacity-building and training opportunities.
About Senkadagala Finance
Senkadagala Finance is a prominent Licensed
Finance Company that has been operating for 50 years. The company has an
asset base of Rs. 34 Billion and serves its clients via a network of 90
branches and service centers across the country. Principal lines of business
for the company are Finance leases, Hire purchases, Commercial loans and
acceptance of Deposits.
About Goldman Sachs 10,000 Women
The Goldman Sachs 10,000 Women initiative
is a campaign to foster economic growth by providing women entrepreneurs
around the world with a business and management education and access to
capital. The initiative has reached women from across 56 countries through
a network of 100 academic, nonprofit, and bank partners. In partnership
with the International Finance Corporation (IFC), Goldman Sachs 10,000
Women launched the first of its kind global finance facility in 2014
to enable access to capital to more women entrepreneurs.
IFC—a sister organization of the World Bank
and member of the World Bank Group—is the largest global development institution
focused on the private sector in emerging markets. We work with more than
2,000 businesses worldwide, using our capital, expertise, and influence
to create markets and opportunities in the toughest areas of the world.
In FY17, we delivered a record $19.3 billion in long-term financing for
developing countries, leveraging the power of the private sector to help
end poverty and boost shared prosperity. For more information, visit www.ifc.org