Commercial Bank scales up ADB credit line to empower Jaffna SMEs
By Sanath Nanayakkare Continuing its mission to drive inclusive economic recovery and empower Sri Lanka’s grassroots business sector, the Commercial Bank of Ceylon PLC has actively accelerated the disbursement of the Asian Development Bank’s (ADB) Enhancing Small and Medium-Sized Enterprises Finance Project line of credit. As Sri Lanka’s premier private sector lender, Commercial Bank drives […]
The Commercial Bank of Ceylon PLC has significantly increased the utilization of the Asian Development Bank's (ADB) Enhancing Small and Medium-Sized Enterprises Finance Project line of credit to support the growth of Jaffna's small and medium-sized enterprises (SMEs). As Sri Lanka's leading private sector lender, Commercial Bank plays a crucial role in bridging financial gaps in regions outside the Western Province, with a particular emphasis on Jaffna and the broader Northern Province.
These areas hold significant potential for industrial regeneration, agricultural output, and entrepreneurial resilience in the post-crisis economic environment.
Through the ADB line of credit, Commercial Bank provides affordable financing options that help local enterprises overcome historical financing barriers, expand production capacity, and stimulate employment across regional supply chains. For instance, the working capital facilities extended by Commercial Bank have enabled manufacturers like Harish Industries to meet growing wholesale and retail demand across Sri Lanka while ensuring long-term economic resilience.
The credit scheme prioritizes SMEs located outside the Colombo district, including women-owned and women-led businesses, as well as initiatives with strong climate finance components. Eligible sectors include manufacturing, agriculture, animal husbandry, technology, tourism, and direct export industries. A notable beneficiary of this regional focus is Harish Industries, a thriving manufacturing firm located in Commercial Bank's Manipay branch in Jaffna.
Owned and operated by Ponnuchamy Prabakaran, Harish Industries produces premium sesame oil under the brand name "New VSP Gingelly Oil." The working capital facility provided by the line of credit has helped the company address short-term liquidity needs, alleviate cash flow pressures, and operate sustainably. Furthermore, this financial support has enabled Harish Industries to generate more employment opportunities, strengthen its supply chain, and scale its operations to meet increasing wholesale and retail demand across Sri Lanka.
Written by urgent.news from The Island Sri Lanka's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
