USAID signs MOU with HNB to expand financing to MSMEs
The U.S. Agency for International Development’s (USAID) Private Sector Development project signed a Memorandum of Understanding (MOU) with Hatton National Bank PLC (HNB) to expand financing to micro, small, and medium enterprises (MSMEs) in Sri Lanka.
“Partnerships like this can dramatically enhance economic and social impact more than any of us could achieve on our own,” said Reed Aeschliman, USAID Mission Director for Sri Lanka and Maldives. “Through this partnership with HNB, we are fostering the next generation of successful businesses in Sri Lanka and ideally, helping families and communities thrive.”
Through thisinitiative, USAID’s Private Sector Development project will work with HNB staff to improve their skills in serving MSME clients by better understanding their unique needs and constraints. It will help HNB to develop products and processes that make it easier for MSMEs to get access to finance.
“Over a span of more than 30 years, HNB has played a pivotal role in Sri Lanka’s vital MSME sector. In that time, we have worked in close partnership with entrepreneurs at the grassroots of our economy and gained a deep understanding of the challenges they face. Crucially, HNB also has a wealth of first-hand experience working with a large number of MSMEs, to understand what these enterprises need in order to accelerate their growth to strengthen the export economy of the country,” said HNB Chief Executive Officer and Managing Director, Jonathan Alles.
“Educating entrepreneurs and ensuring they have the knowledge to make informed choices strengthens their resilience and growth potential. Through our continuing partnership with USAID to support several programs for the benefit of this sector, we have seen the fruits of this labor manifest through better access to finance for our MSME customers. Therefore, we are delighted to be the first to join USAID on this empowering initiative, and we invite MSMEs to make use of this golden opportunity to strengthen and grow their businesses,” Alles concluded.
USAID’s Private Sector Development project will help MSMEs find and finance new business opportunities to strengthen their resilience to market changes and global economic shocks. By connecting businesses with advisory services, associations, and financial institutions, the project will help them to use technology, accelerate innovation, and access new domestic and international markets.
This project is one component of the longstanding partnership between the U.S. and Sri Lanka to support self-reliance, strengthen stability, and promote economic growth. USAID’s program in Sri Lanka, totaling more than $2 billion since 1961, promotes a healthy, educated, and employed population.
Oil prices rise as Saudi Arabia pledges output cuts – Opec+
Oil-producing countries have agreed to continued cuts in production in a bid to shore up flagging prices.
Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July and Opec+ said targets would drop by a further 1.4 million bpd from 2024.
Opec+ accounts for around 40% of the world’s crude oil and its decisions can have a major impact on oil prices.
In Asia trade on Monday, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel.
The seven hour-long meeting on Sunday of the oil-rich nations, led by Russia, came against a backdrop of falling energy prices.
Total production cuts, which Opec+ has undertaken since October 2022, reached 3.66 million bpd, according to Russian Deputy Prime Minister Alexander Novak.
Opec+, a formulation which refers to the Organization of Petroleum Exporting Countries and its allies, had already agreed to cut production by two million bpd, about 2% of global demand.
Manpower services agency wins accolades for its contribution to foreign employment sector
Its MD says. ‘go abroad only if you can work hard’
Siraj Manpower Services, one of Sri Lanka’s leading foreign employment agencies, was honoured with the Three-Star Award at the ‘Golden Awards’ 2023, organised by the Sri Lanka Bureau of Foreign Employment (SLBFE). This award ceremony was organised to honour foreign employment agencies that have made a significant contribution to the development of the foreign employment sector, which is a major source of foreign exchange for Sri Lanka. Siraj Cafoor, Managing Director of Siraj Manpower Services, was presented with the award at the award ceremony which was held at the BMICH in Colombo under the patronage of Minister of Foreign Employment and Labour Manusha Nanayakkara.
Having been established in 2002, Siraj Manpower Services (www.sirajmanpower.lk) has earned a reputation in the field of foreign employment by winning the trust of customers for more than 20 years. It has been offering job opportunities in the Middle East countries such as Kuwait, Qatar, Dubai and Saudi Arabia, and Malaysia as housekeepers, drivers, sanitation workers, labourers and also jobs related to the apparel industry. All these workers are entitled to approved salary scales certified by the SLBFE.
“We always stand for the safety of workers who go abroad through our organisation. We work to solve the problems that arise in relation to the contracts that the workers have entered into. I must mention something special to those who go abroad for employment. That is, you should keep in mind that you go abroad only to work. Go abroad only if you can work hard. You have to remember that you are going abroad to earn some more money and achieve the advancement of your family.” said Siraj Cafoor.
Ports Minister invites Singaporean investors to develop Colombo North Port
The Minister of Ports, Navigation and Aviation Nimal Siripala de Silva was on an observation tour on 3rd of June to witness the operations and development of Singapore’s main port. During the tour, he had a special discussion with the head of PSA International Private Company which carries out the operations and development of the Singapore port.
Won Chee Fung, CEO of the company’s Middle East and South Asia arm said if there are investment opportunities for development and operations in the ports of Sri Lanka, they would like to apply for them.
The Minister told him that since the government has planned to start the development of the North Colombo Port, a suitable investment plan and proposal could be made for it. He also requested the heads of PSA International Private Company to provide a suitable proposal for the development of Trincomalee Port.
PSA International is one of the few largest companies operating in ports in the world, and 37,000 million containers are handled per year in Singapore’s main port alone.Officials including Assistant Vice President of PSA Company Lim Wei Chang, Chairman of JCT Oil Bank Company, Lakmal Ratnayake and representatives of the Sri Lankan Embassy in Singapore also participated in this discussion.
Developing and underdeveloped countries are paying the price for the wrong policies of some developed nations – Narendra Modi
Navy relief teams assist flood affected communities
Landslide Early Warnings issued to Badulla, Galle and Kalutara Districts
‘Dates have the highest sugar content to fight Coronavirus’
Sunday Island 27 December – Headlines
#Sundayisland Sunday Island- 31 January- Headlines
News7 days ago
Police looking for security guard of Sirisena’s brother
Latest News7 days ago
Jadeja’s nerveless hitting gifts Chennai Super Kings fifth IPL title
Features7 days ago
Sri Lanka’s ignorance matches that of US – II
Features7 days ago
President’s efforts require parliamentary support
News7 days ago
Six Lankan victims of trafficking repatriated from Myanmar
Business7 days ago
Havelock City Mall to be launched
Features7 days ago
Excitement galore for Janaka
Business5 days ago
‘ඇය සුරකින AIA’ celebrates one year of empowering half a million women to rise together