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ADB, Sri Lanka sign loan agreement to support SMEs affected by coronavirus

Christian Fernsby |
The Asian Development Bank (ADB) and the Sri Lankan government signed a 165 million U.S. dollars loan agreement to provide immediate financing support for small and medium sized enterprises (SMEs) severely affected by the coronavirus pandemic.

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This loan agreement will also provide long-term financing to underserved SMEs, including businesses led by women and tea smallholders, a statement from ADB in Sri Lanka said.

The agreement was signed by the Secretary of Ministry of Finance S. R. Attygalle, and ADB Sri Lanka Resident Mission Country Director Chen Chen.

"We are glad to be of assistance to the SME sector at this crucial juncture when the sector has suffered a severe setback due to the coronavirus pandemic," Chen said after the signing of the loan agreement.

The new financing will build on the ongoing Small and Medium-Sized Enterprises Line of Credit Project, which ADB approved in 2016 to strengthen SMEs' access to finance.

The ADB approved a 20 billion dollars expanded assistance package in April to support its developing members' coronavirus response.

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