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World


ADB approves 165 mln USD loan to support Covid affected SMEs in Sri Lanka

Colombo, Nov 24 (UNI) Asian Development Bank (ADB) has approved 165 million US dollars in loan to Sri Lanka for it to provide financial support for small and medium-sized enterprises (SMEs) severely affected by the Coronavirus pandemic, a statement from the ADB office in Colombo said on Tuesday.
The loan will also be used to provide long-term financing to underserved SMEs, including businesses led by women and tea smallholders, the statement said.
"COVID-19 has gravely hit Sri Lanka's economy due to the decline in demand and supply chain disruption in export-oriented industries, which has led to an economic slowdown that gradually spread across other sectors," the ADB said.
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