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| Thursday, 25 September 2003 |
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Ceylinco Grameen signs MoU with WFP Ceylinco Grameen Credit Co. Ltd signed a Memorandum of Understanding (MoU) with the World Food Program on Tuesday night where the WFP will provide Rs. 3 million to uplift the living standards of the widows affected by the war in the Batticaloa District. This is the first time that the WFP has moved outside the traditional mandate of providing food assistance to Sri Lanka and based on the success of this project, the WFP will allocate the remaining Rs. 180 million which has been allocated for Sri Lanka, WFP Country Director Jeff Taft Dick told the Daily News after signing the MoU. He said that the WFP has been working on similar projects in Bangladesh, Pakistan and Sri Lanka and this was the first time that he saw the principles of Grameen Banking being implemented in Sri Lanka. He said that this program will alleviate the poverty of the poorest of the poor in the North, East and the South and it is also coincidental that the target market of the WFP and the Ceylinco Grameen are the same, he said. He said that this project has been approved by the steering committee of the Ministry of Agriculture, Samurdhi and Livestock Development. Ceylinco Group Chairman Lalith Kotelawela said that the Grameen project in Sri Lanka was very successful with 19 branches which is inclusive of the North and the East and the Fund has collected Rs. 189 million in three years of operation. There are 21,100 families which are supported by this program and the recovery rate is 100 percent, he said. |
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