Monday, 20th October 2014
By Sanath Nanayakkare
SMEF told the press last Wednesday that it is exploring ways to become a key party to support the Sri Lankan government by expanding its services to further develop the SME industry in the country. Malaysian High Commissioner Azmi Zainuddin took part in this press conference.
SME Factors (SMEF), one of Malaysia’s leading receivables financing houses announced the expansion of its services into Sri Lanka at a press conference held at the Kingsbury Hotel in Colombo last Wednesday. Exim Bank Malaysia representatives were also included in this delegation.
Backed by a proven track record in Malaysia, SMEF intends to work with a local partner and develop capacity with the objective of building the SME industry in Sri Lanka.
SMEF’s entry into the country was by invitation from Dr. Sarath Amunugama, Deputy Minister of Finance.
SMEF and Exim Bank Malaysia representatives have had talks with Dr. P.B. Jayasundera, Secretary to the Treasury and Ajith Nivard Cabraal, Governor, Central Bank of Sri Lanka in this regard, the press was told.
Through this collaboration with the Finance Ministry, SMEF will be working on initiatives that are aimed at expanding the SME industry in the country. Initial discussions between SMEF and the Secretary to the Treasury, Ministry of Finance and Planning Dr. P.B. Jayasundera have looked at imperative measures that need to be taken to boost the SME industry in Sri Lanka.
The company has provided financing facilities to over 8,000 SMEs in Malaysia.
Speaking at the occasion, SMEF President and CEO En.Syed Zed Syed Mustafa said,"SMEF is poised to become a key party to support the Sri Lankan government by expanding our services and sharing valuable experience to develop the SME industry in Sri Lanka."
Exim Bank Malaysia President, Adissadikin Bin Ali and Head of Banking, Nor Shahmir Bin Nor Sahid also joined the SMEF during high level talks with Sri Lankan officials.
EXIM Bank representatives said Sri Lanka with above average economic growth of 7%, together with prudent policy efforts at all levels in recent years has placed its economy on much firmer ground.
"We found that the Sri Lankan government has recognized that a key role must be played by SMEs in the economy and have instituted policies to improve their productivity and access to markets. To this end Exim Bank Malaysia is well positioned to provide tangible assistance through our project financing, contract financing as well as trade financing for Malaysian joint venture companies in Sri Lanka".
From: http://www.island.lk/index.php?page_cat=article-details&page=article-details&code_title=112430
