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| Sunday, 19 January 2003 |
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Business |  |
| News Business Features Editorial
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National strategy to develop SMEs A national strategy for the development of the Small and Medium Enterprise (SME) sector in Sri Lanka has been adopted to create a more dynamic SME sector in the country. The objectives of the strategy are enhancing the capabilities and competitiveness of the sector, creating employment and reducing poverty. It will be achieved by strengthening the business environment of SMEs, improving access to finance and enhancing the capacity of the Sri Lankan business development services sector to deliver services to SMEs. The national strategy for SME sector development was formulated by a 15-member task force appointed by the Ministry of Enterprise Development, Industrial Policy and Investment Promotion and headed by Dr Saman Kelegama.Through discussions and deliberations, the task force identified several constraints faced by the SME sector. The task force formulated the strategy in line with the vision for SMEs, to be globally competitive through an entrepreneurial culture committed to sustainable growth. Among the key recommendations of the task force are establishing an SME Authority, reforming existing institutions, inter-institutional cooperation and developing staff and institutional capacity financing, technology, information, market access, business development services, entrepreneurial skills, regulatory framework, infrastructure, industrial relations and labour linkage formation and environmental issues. The Asian Development Bank (ADB) will support the programs by financing three projects to the value of US$ 177.25 million. The ADB has allocated US$ 20 million under project one for policy development and enabling environment. Under the second project, US$ 6 million has been allocated for facilitating business development services while US$ 1.25 million has been allocated for technical assistance. Project three is for financing SMEs. Under the credit component, ADB has allocated US$ 60 million while US$ 90 million has been allocated for partial credit guarantees. |
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