Strengthening Competitiveness of MSMEs in Sri Lanka
The war in Ukraine is having a rippling effect across the globe, particularly for countries like Sri Lanka, which is already grappling with skyrocketing inflation and food and fuel shortages exacerbated by COVID-19 lockdowns and supply chain disruptions. Sri Lanka’s micro, small- and medium-sized enterprises (MSMEs) face increasing challenges to stay in and grow their business.
On April 28 ,USAID CATALYZE’s Private Sector Development Activity in Sri Lanka signed an agreement with the country’s leading supermarket chain KEELLS to help improve the competitiveness of MSMEs, particularly women-owned MSMEs, working in Sri Lanka’s food processing sector. In the face of recent political crises, this agreement is evermore important as it can help build the country’s economic resilience to withstand future shocks.
KEELLS, a leading local supermarket/retail chain with more than 128 outlets all over the island, works with farmers and MSMEs. Together, USAID CATALYZE and KEELLS will uplift the MSME sector through a variety of services, including digital marketing, standards and certification, access to new markets, and access to financing. These services will be provided by Private Business Advisory Services Providers in Sri Lanka, with a special focus on MSMEs led by women.
US Ambassador to Sri Lanka, Julie Chung, attended the signing ceremony, praising the collaboration between KEELLS and USAID CATALYZE.
“Strong partnerships of this nature would catalyze an enriched future for many MSMEs through business linkages and process improvements, thereby, transforming lives, businesses, and economies of individuals and, ultimately, the country,” said Ambassador Chung.
Learn more about USAID CATALYZE work in Sri Lanka here.
About CATALYZE
USAID CATALYZE, implemented by Palladium, is an 8-year program designed to mobilize $2 billion in private capital for development impact, especially in underserved social sectors and frontier markets across the globe, complemented by a cross-cutting inclusion of gender-lens investing. CATALYZE supports blended finance solutions working with local and international businesses and investors to explore and find commercially-viable opportunities and approaches to creating jobs, developing sustainable social services, tightening and rationalizing supply chains, and advancing inclusive growth. We work across 27 countries in Asia, Africa, Europe, Latin America, and the Caribbean, with 190 partners, including financial institutions, business advisory service providers, anchor firms, and job trainers.
