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United States launches project to help small businesses; increase women’s participation

Dec 10, 2020 (LBO) – The United States launched a new LKR 3.6 billion (USD 19.5million) initiative to help small businesses and economically empower Sri Lankan women.

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ThePrivate Sector Development Project, which is funded through the U.

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S. Agency for International Development (USAID), will provide technical assistance and financing to small businesses in thetourism, technology, and commercial care industries.
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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 forwomen and increase profits thanks to better business practices. Strengthening resilience in theface of the pandemic is a key step toward a post-COVID economic recovery.

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

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The initiative will promote innovation and entrepreneurship and provide incentives for SriLankan financial institutions to support under-served communities in rural areas throughout thecountry.

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Finally, it will encourage businesses to hire more women. Studies show that whenwomen are economically empowered, they reinvest back into their families and communities,which drives economic growth.
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