Sri Lanka, Feb. 28 -- The Cabinet has given its nod to the implementation of a project funded by the Asian Development Bank (ADB) aimed at providing credit facilities to existing micro, small, and medium-scale enterprises (MSMEs) in Sri Lanka. The goal is to facilitate their expansion and recovery amidst economic challenges.

The proposed project is a line of credit through participating financial institutions (PFIs) to targeted small and medium-sized enterprises (SMEs) in Sri Lanka, including SMEs that are led by women, are first-time borrowers, do not sufficient collateral and are located outside of Colombo.

The fund allocation for PFIs has been made on a competitive basis. The project also includes an attached technical assistance (TA...