IFC and SLID to help small businesses
IFC, a member of the World Bank Group, has partnered with the Sri
Lanka Institute of Directors (SLID) to promote improved corporate and
ethical business practices for small businesses in Eastern Sri Lanka.
The initiative is part of the European Union Support to District
Development Program (EU-SDDP), funded by the EU and implemented by 5 UN
agencies and IFC.
As part of this initiative, a seminar was held recently for 50 small
and medium sized businesses in Batticaloa, a district in the East,
focusing on how small businesses could conduct business better and more
responsibly to spur their growth.
The seminar, organised by SLID and the Batticaloa District Chamber of
Commerce, Industry and Agriculture, included presentations on the
formation of a company, legal procedures of registering a company, and
finance, accounting and tax issues faced by small businesses.
"Comprehensive, custom-made training programs like these help
entrepreneurs and small business owners improve their corporate
governance to operate more efficiently, obtain access to capital, and
mitigate risk with safeguards against mismanagement" said Lilani Perera,
Chief Executive Officer of SLID. "In addition to increasing access to
capital for small businesses, improved corporate governance practices
contribute to economic development," said IFC Country Manager for Sri
Lanka and the Maldives, Adam Sack.
"Increased access to capital encourages new investments, boosts
economic growth, and provides employment opportunities," he said.
Such projects form an integral part of the financial and development
assistance that is provided through the EU-SDDP with a grand total of
EUR 60 million to support the Government of Sri Lanka's thrust for
economic and social development in seven conflict-affected districts
covering half a million people. The actions undertaken through this
initiative are linked to three focus areas, including support to poverty
reduction and provision of basic infrastructure and services for
vulnerable populations, support to local economic development, and
strengthening of local governance.