NDB supports SMEs in the Fisheries sector
NDB, with 30 years heritage of commitment towards SME development,
has assisted a large number of small and medium scale Fishermen and Fish
Exporters in all parts of the country. Having understood the
significance of the fishing industry and foreseen its limitless
prospects, the bank has continuously extended its unwavering support
through financial assistance to this sector amounting to around Rs.1.2
billion or1.02 percent of NDB's total current lending portfolio.
The fisheries sector plays an indispensable role in the economy of
Sri Lanka contributing around 1.2 percent to the GDP. Fish products are
important sources of animal protein, providing around 70 percent of the
animal protein consumed in the country (Food Balance Sheet, Department
of Census and Statistics).
The sector provides direct and indirect employment to around 650,000
people and is directly linked with the lives of approximately 50 percent
of the population residing in the coastal belt. Fisheries sector
contribution to the total export earnings of the country is around
2.5percent. Fish production in 2011 increased by 15.6 per cent to
444,830 metric tons. In 2011, all the provinces except Eastern Province
showed an increase in catch supported by favorable weather conditions.
The fisheries sector has a significant scope for increasing the
contribution to the national economy through exploitation of the huge
potential yet untapped.
Over the last ten years export of fish has remained less than 3
percent of total value of exports. Out of this, fresh and frozen fish
account for about 81 percent while Crustaceans and Mollusks account for
nearly 17 percent of total fish exports. The inadequacy of investment in
fish processing and related activities has resulted in poor export
performance.
High sea fishing /off shore fishing refers to fishing beyond the
territorial waters extending up to Exclusive Economic Zone (EEZ) and
beyond. Although the country has a narrow continental shelf with an
extent of 30,000 Km2 (which is 5.8 percent of the country's ocean area),
Sri Lanka has an extensive sea area to engage in off shore/deep sea
fishing activities. High sea / off shore fishing segment of Sri Lanka is
characterized with inadequate investments in technology and
sophisticated, efficient equipment. On the other hand there is a need
for introduction of the large sized and well equipped boats which are
capable of exploiting deep sea resources. Thus the existing facilities
such as storage, net and line hauling gear, safety and communication
equipment etc. in the operating multi day fishing boats are not in a
satisfactory condition.
NDB supports the industry by providing financial assistance to
purchase boats, nets, line hauling gear, equipments etc. and to meet the
capital expenditure by funding working capital needs to sustain ongoing
projects. NDB is well equipped with an in-house Product Development Team
that shares customized financial expertise coupled with industry
know-how to empower the small and medium scale fishermen and exporters.
Having made the fishing industry a focal point in its lending agenda,
NDB has developed several industry focused finance solutions to meet the
specific needs of the sector. The Bank has also advanced its efforts to
support the sector by developing a customized working Capital loan
product for Fish exporters.
NDB is one of the fastest growing banks in the country with NDB Group
having regional operations in Maldives and Bangladesh. The Bank offers a
wide range of commercial banking services through its growing
island-wide branch network, catering to an increasing customer base from
all walks of life. Through the combined synergies of the diverse
constituents of the NDB Group, its customers have access to a full range
of banking and financial services; including project finance, corporate
banking, SME lending, retail banking, investment banking, stock
brokering, wealth management and insurance solutions making NDB a truly
Universal Bank. |