The United States has announced a new LKR 3.6 billion (USD 19.5million) initiative to help small businesses and economically empower Sri Lankan women, according to the US embassy in Colombo.

Private Sector Development Project, which is funded through the U.S. Agency for International Development (USAID), will provide technical assistance and financing to small businesses in the tourism, technology, and commercial care industries, the embassy said in a statement issued yesterday.

 “This project demonstrates the United States’ long-term commitment to engage the private sector in development cooperation that shape market-driven solutions to achieve sustained impacts,” the embassy quoted U.S. Ambassador to Sri Lanka Alaina B. Tepltiz as having said. “Most importantly, this timely assistance will also mitigate the economic effects of COVID-19 in Sri Lanka,” she said. 

It will also help Sri Lanka weather the economic impact of COVID-19 by providing much- needed financial assistance through which businesses will be able to expand job opportunities for women and increase profits thanks to better business practices. Strengthening resilience in the face of the pandemic is a key step toward a post-COVID economic recovery. 

The initiative will promote innovation and entrepreneurship and provide incentives for Sri Lankan financial institutions to support under-served communities in rural areas throughout the country. Finally, it will encourage businesses to hire more women. Studies show that when  women are economically empowered, they reinvest back into their families and communities, which drives economic growth. 

For more information on the COVID-19 funding opportunity, please visit 

https://thepalladiumgroup.com/tender/Funding-Opportunity-Notice-Innovative-Concepts-for- COVID-19-Economic-Relief-and-Adaptation-in-Sri-Lanka