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| Wednesday, 16 July 2003 |
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NDB to manage WB project to help women in South and North-East The Ministry of Finance (MOF) recently signed a management contract with the National Development Bank (NDB), whereby NDB will monitor the utilisation of a Japanese Government Grant of US$ 1 million channelled through the World Bank to the Government of Sri Lanka to empower the poorest of the poor women in the South and the North-East. Approximately Rs 50 million of this Grant will be made available to the Women's Development Federation (WDF) of Hambantota to be channelled through its Janashakthi Bank (JB) network. The balance Rs 50 million will be made available to the recipients in the North and East, through Seva Lanka Foundation. Over the past two decades, NDB has consistently involved itself in the provision of financial facilities to medium scale, small and more recently, micro scale industries by administering a number of credit and grant schemes in these sectors. The Bank continues to play a significant role in these areas, wherever funding through credit lines is available. So far the NDB has distributed Rs 30 billion to create around 30,000 small, medium and micro enterprises. It is estimated that 200,000 employment opportunities have been created through these facilities. NDB's successful involvement as 'apex' in managing these credit lines has prompted the World Bank and MOF to entrust the management of this Grant to NDB. NDB, with the signing of this management contract will extend its role to service the needs of the people in the remote Hambantota District of the Southern Province and the areas of North and East. This confirms NDB's commitment towards assisting not only the small and medium sector, but also the micro sector in the provinces. The grant component for the Southern Province is to be used for renovation of tanks, provision of rain harvest storage tanks, cultivation and micro loans, training of JB officers and borrowers, provision of computers and the expansion of JB network in Walasmulla area. |
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