The loan which was granted to farmer W M G Prasanna from Welimada will support the upgrade of his farming operations to smart agricultural practices.
Prasanna who has ten years farming experience will construct a polytunnel with an inbuilt irrigation system to cultivate short-term crops with higher yields, adding to the country’s food security and instilling protection against the challenges of climate change.
With this disbursement, CDB underscores its commitment to empowering entrepreneurs and fostering economic growth which will add fillip to the country’s growth trajectory.
Further funding to be disbursed under the NCGI scheme over the next three years will focus on key sectors including manufacturing, renewable energy, Information and Communication Technology (ICT), agriculture, fisheries, healthcare and education.
A team of industry-specialised graduates has been established by CDB to strengthen SME lending and initiate customized financial solutions to drive entrepreneurship and economic growth.
The National Credit Guarantee Institution Limited (NCGI) is a Public Private Partnership established between the Government of Sri Lanka and 13 leading Financial Institutions of which CDB is one.
The objective of this PPP is to support the Micro, Small and Medium Enterprise (MSME) sector in the country.
The NCGI scheme was established to address the barriers SMEs face in accessing credit, particularly the lack of adequate collateral.
Through partial credit guarantees, the scheme minimizes the risk for financial institutions, encouraging them to extend loans to underserved businesses and sectors.
This guarantee scheme aligns with the government’s efforts to promote entrepreneurship, enhance financial inclusion and create an enabling environment for SMEs to thrive.
It reflects a commitment to empowering businesses and driving economic progress through practical, solution-driven approaches.
Managing Director/CEO of CDB Mahesh Nanayakkara reiterated that CDB’s mission to empower SMEs has gained further traction with this loan disbursement.
“By making the very first disbursement in the country under this national scheme, we are not just providing entrepreneurs with the resources to contribute towards sustainable growth, but are also making a firm commitment to push the bar of the nation’s economic growth upwards.
The recipient of the funding W M G Prasanna whose ten years of experience in farming gives him the knowledge to develop his agricultural portfolio, is appreciative of the financial support as it paves the pathway to fulfil a lifelong aspiration of moving beyond the concept of traditional farming.
“I now have an opportunity to modernize my agricultural practices and expand my business operations. We are thankful to CDB and the NCGI for believing in our potential and supporting us.”
“Our partnership with the NCGI is a long-term commitment to making financial services more accessible to SMEs,” added Nanayakkara.
“We remain dedicated to helping these businesses flourish, thereby contributing to a stronger and more resilient economy.”
About CDB
Citizens Development Business Finance PLC (CDB) is among the top four largest Non-Banking Financial Institutions (NBFIs) in Sri Lanka and is recognized for its innovation in financial services, steadfast commitment to sustainability and adherence to exemplary corporate governance.
CDB’s focus on digital transformation continues to redefine the financial services landscape with cutting-edge solutions aligned to sustainable development goals.