Unilever Sri Lanka and the Industrial Development Board (IDB) have joined forces to uplift Micro, Small and Medium Scale Enterprises (MSMEs) in Sri Lanka through a three-year memorandum of understanding (MoU). This collaborative effort signifies a significant public-private partnership aimed at empowering local businesses.
The initiative focuses on supporting the growth and development of 20 MSMEs annually through the Industrial Development Fund (IDF). The IDF, overseen by the IDB and following Central Bank of Sri Lanka guidelines, provides financial aid in the form of low-interest, repayable loans. These loans enable MSMEs to initiate or expand local manufacturing operations within sectors prioritized by the Ministry of Industries, ultimately contributing to an export-oriented economy. Notably, on International Women’s Day (March 12th), the first batch of loans was awarded to ten female micro-entrepreneurs.
Unilever Sri Lanka will contribute a portion of the revenue generated from its ongoing SME development program, “Saubhagya,” to the IDF. This 20-year-old program has empowered over 15,000 rural women by equipping them with initial stock of Unilever products and training them to launch their own door-to-door sales ventures.
“Supporting the growth of small businesses, especially those managed by women, encourages their contribution and participation in Sri Lanka’s economic success,” stated Unilever Sri Lanka Chairman & CEO Ali Tariq. He expressed gratitude to the Ministry of Industries and the IDB for partnering with Unilever in this initiative, which is expected to positively impact over 60 small businesses and their families over the next three years.
The IDB Chairman, Dr. Saranga Alahepperuma, emphasized the critical role of the SME sector as the cornerstone of Sri Lanka’s economy. He reiterated the IDB’s unwavering commitment to providing comprehensive support for SME encouragement, promotion, and development. Dr. Alahepperuma specifically highlighted the vital role of women entrepreneurs in fostering socio-economic growth and expressed his appreciation to Unilever Sri Lanka for empowering these women and contributing to the nation’s overall success.
Sri Lanka’s Minister of Industries, Dr. Ramesh Pathirana, acknowledged the significance of this initiative, particularly in the current economic climate. He emphasized the importance of ensuring that no one, including MSMEs, is left behind during the economic recovery journey. Dr. Pathirana concluded by expressing his gratitude to Unilever for stepping forward to support Sri Lanka’s local industries.
This public-private partnership builds upon Unilever’s existing dedication to empowering MSMEs in Sri Lanka. Launched strategically on International Women’s Day, the initiative underlines Unilever and IDB’s shared commitment to fostering inclusive and equitable development. It also serves as a prime example of how successful and scalable impacts can be achieved through collaborative efforts between public and private entities.