The World bank in its latest report has said that the small and medium enterprises (SME) sector could create jobs and boost the economy in the post-war Sri Lanka. The report titled "Small and Medium Enterprises: Engines of Growth in Post Conflict Sri Lanka" was released Thursday.
The report said the SMEs sector was mostly affected due to global economic crisis and achieving and sustaining high economic growth and higher employment will require a boost in industrial and services growth, spurred by SMEs. According to Cecile Niang, an economist with South Asia Finance and Private Sector Development, who was quoted in the report, said the World Bank said the creation of employment opportunities is critical for faster recovery in post conflict countries such as Sri Lanka.
"Yet, several factors constrain the growth and competitiveness of Sri Lankas SMEs," Niang has said. The World Bank has recently approved a $57.4 million credit for strengthening access to finance for Sri Lankan SMEs.