AgriFI, an agriculture financing initiative funded by the European Union (EU) and managed by EDFI Management Company, has announced a significant US $3 million loan to Sarvodaya Development Finance PLC (SDF) in Sri Lanka. This investment is aimed at supporting SDF’s provision of financial services to the agricultural sector, particularly through its agricultural machinery leasing product. The initiative aligns with Europe’s Global Gateway strategy, which seeks to enhance global connectivity and create favorable conditions for investment opportunities.
EU Ambassador to Sri Lanka, Carmen Moreno, expressed enthusiasm for this investment under the AgriFI programme, emphasizing its importance in empowering Sri Lankan farmers, especially women, to boost economic recovery and enhance food security. EDFI Management Company CEO Rodrigo Madrazo also highlighted the investment’s alignment with AgriFI’s goal of promoting financial inclusion and innovation in agriculture, citing SDF’s mission to empower local farmers.
SDF Chairman Channa de Silva underscored the significance of the financing in addressing challenges faced by Sri Lanka’s agricultural sector, such as limited access to finance and modern equipment. The loan from AgriFI will support SDF’s growth in its agricultural portfolio, particularly through its innovative agricultural leasing product. SDF CEO Nilantha Jayanetti echoed these sentiments, emphasizing the investment’s impact on improving farmers’ access to essential agricultural machinery and driving growth in the rural economy.