Standard Chartered's Micro Finance goes East and West
Standard Chartered will extend its micro finance and financial literacy sustainability initiative to 75 recipients in Mannar and Batticaloa, with a further investment of USD 50,000. In 2012, Standard Chartered envisaged a plan to bring financial literacy and micro financing schemes to the men and women affected by the civil war so that they may once more rebuild their lives and enterprise and function as contributors within the economy, partnering the Government's Uthuru Wasanthaya program. Approximately 150 recipients in Jaffna have had access to facilities under this initiative with the Bank's initial investment of USD 10,000.
Standard Chartered's micro financing and financial literacy programs, which will also be extended to include Anuradhapura, are in furtherance of the Memorandum of Agreement (MOA) signed with the Youth Business Sri Lanka (YBSL), a project of the Ceylon Chamber of Commerce (CCC). The micro-financing facilities were made possible for Standard Chartered, which has no presence in the peninsula, via the assistance of Hatton National Bank, which has efficiently disbursed the loans to the recipients on the Bank's behalf.