People’s Bank and EDB Forge Strategic Alliance to Boost Sri Lanka’s Export Sector
In a landmark move aimed at propelling Sri Lanka’s export sector to new heights, the Sri Lanka Export Development Board (SLEDB) and People’s Bank have entered into a strategic partnership. The collaborative effort was cemented through the signing of a Memorandum of Understanding (MOU) in Colombo. This partnership endeavors to invigorate the country’s export landscape by identifying and supporting existing exporters, fostering potential market entrants, and catalyzing economic growth through amplified foreign exchange earnings and enhanced employment opportunities.
The event which marked a significant milestone in collaborative efforts took place on May 14, 2024 with the participation of Mr. Sujeewa Rajapakse, Chairman of People’s Bank; Mr. Clive Fonseka, CEO/ General Manager of People’s Bank and Dr. Kingsley Bernard, Chairman of the Sri Lanka Export Development Board.
Under this partnership, People’s Bank will offer financial advisory services, funding facilities, and trade finance options, to enhance the export capabilities of existing exporters, nurture potential new entrants, and elevate indirect exporters to direct export status.
This strategic alliance aims to bolster the development of Small and Medium Scale Enterprises (SMEs) and integrate them into the global export market, aligning with the Government of Sri Lanka’s broader economic objectives. People’s Bank has already established Export Sector Specific SME Hubs (Export Hubs) across five strategic 7branches, leveraging its extensive network of 747 branches island-wide.
The collaboration will also focus on educational initiatives for People’s Bank staff, ensuring they are well-equipped to advise customers on export market requirements and opportunities, thus enhancing the bank’s foreign exchange portfolio.
Sri Lanka Export Development Board will contribute its expertise by identifying global market opportunities and facilitating the necessary prerequisites to promote exports from Sri Lanka.
During the MOU ceremony, Mr. Sujeewa Rajapakse stated “As a leading state bank People’s Bank remains firmly committed to develop the export income of the country by empowering SME entrepreneurs in line with the government’s economic policies. The collaboration with EDB is yet another example of the bank’s efforts to build greater synergies to support this drive.” Dr. Kingsley addressing the gathering said “Adopting an export-led investment approach is key to build economic stability and growth in the country. The collaboration with People’s Bank which has the largest customer base in the country is a great source of strength to our endeavors to diversify and expand Sri Lanka’s export capabilities”.
Also present at the MOU signing included were ; Ms. Anoma Premathilaka, Acting Additional Director General (Development) Ms. Sepalika Jayawardhana Director -Regional Development, Dr. Sanjeewa Rathnasekara, Director – Trade Facilitation & Trade Information Division at SLEDB; and Mr. Wickrama Narayana, Deputy General Manager of Enterprise Banking at People’s Bank.
This collaboration underscores the commitment of both People’s Bank and the Sri Lanka Export Development Board to driving sustainable economic growth, enhancing foreign exchange revenues, and creating employment opportunities in Sri Lanka.
