ADB supports Sri Lanka to boost female entrepreneurship, officiates national rollout of WE Finance Code

In a landmark move to dismantle barriers for women entrepreneurs, Sri Lanka nationally adopted the Women Entrepreneurs Finance Code (WE Finance Code) in collaboration with Asian Development Bank (ADB) in Colombo on March 18.

The Code which is a global framework to drive gender-inclusive economic growth was launched at a high-profile ceremony in Colombo, where ADB Country Director Takafumi Kadono underscored the transformative power of investing in women-led businesses, spotlighting Pradeepa Nilanthi, a handbag entrepreneur from Monaragala, as a symbol of resilience and progress.

Kadono anchored his keynote speech in the story of Pradeepa, who in 2014 launched her handbag business with modest means. In 2019, she accessed a loan and grant through ADB’s Women Entrepreneurs Finance Initiative (We-Fi), enabling her to double daily production from 2,500 to 5,000 bags and employ 14 women in her community.

“Women entrepreneurs like Pradeepa are not just business owners—they are job creators, innovators, and pillars of resilience,” Kadono declared, drawing attention from policymakers and financial leaders.

The newly adopted WE Finance Code commits Sri Lanka to support women-owned businesses by standardizing data collection to tailor policies and sex-disaggregated reporting mandated by the Central Bank for financial institutions to track gender gaps.

ADB Country Director Takafumi Kadono

“This Code isn’t just about data—it’s about leadership and action,” Kadono stressed, applauding 13 financial institutions that signed as inaugural champions in developing loans and services targeting women’s needs.

With Sri Lanka’s female labour force participation stagnating near 30%, Kadono argued that empowering women entrepreneurs is a national economic imperative. “When women hire, they hire women. So, investing in them creates a multiplier effect,” he noted,

While celebrating the Code’s adoption, Kadono cautioned that the “real journey begins now,” and called for annual public reporting on gender-disaggregated data, innovative financial products and gender-responsive policies that can better support women entrepreneurs to thrive.

In 2018, ADB introduced the We-Fi programme, mobilising a grant of $12.5 million, focusing on blended finance through partner banks to increase women entrepreneurs’ access to finance. This was complemented by technical assistance to strengthen policymaking for women entrepreneurs, and to provide financial skills training for women entrepreneurs. Through this ADB We-Fi programme, over 1,500 women-owned SMEs have had access to finance, and 620 have had access to financial skills training. Further, the SME Connect platform initiated under the We-Fi program is enabling a larger number of women entrepreneurs to access information and trainings online and creating opportunities for networking and mentoring. These investments in women-owned businesses have proven to have had both strong financial as well as social impacts, that go beyond the businesses.

By Sanath Nanayakkare