The objective of the project is to expand the borrower’s on-lending portfolio to micro, small and medium enterprises (“MSMEs”), with a focus on women-owned MSMEs, in Sri Lanka. The COVID-19 pandemic’s impact has been especially hard for Sri Lanka's MSMEs, which account for 52% of the country’s GDP and employ over 75% of the labor force. Already, MSMEs are often constrained by lack of financing and the current MSME financing gap stands at $17.1 billion. In addition to support for MSMEs, 40% of Project proceeds will be lent to women-owned or led MSMEs, while 95% will support rural borrowers. With only 35% of women economically active, support for women is important for the country’s development. Currently, only 12% of the country’s MSMEs are woman-owned or led.
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