Access to finance stalls MSME’s in Sri Lanka, says CB Governor
Dr. Nandalal Weerasinghe, Governor, CB Pic by Akila Jayawardena
While the contribution of Micro, Small, and Medium Enterprises (MSMEs) to Sri Lanka’s economy represents a cornerstone of economic development that extends far beyond simple numerical metrics, access to finance remains the primary barrier to local MSMEs, says Dr. Nandalal Weerasinghe, Governor, Central Bank of Sri Lanka.
Speaking at the ‘CMA Sri Lanka, MSME Development Summit’ held at the BMICH in Colombo last week, he said: “In Sri Lanka MSMEs account for over 75 per cent of total enterprises, contribute more than 50 per cent to our GDP, and provide livelihoods to millions of our citizens. With over three million people engaged in the MSME sector, these enterprises represent the economic aspirations of our nation.”
MSMEs continue to navigate a complex landscape of challenges while access to finance remains the primary barrier, with traditional banking systems often requiring collateral that many small enterprises cannot provide.
He stressed that MSMEs represent the lifeblood of economies worldwide, accounting for over 90 per cent of businesses globally and providing employment for more than two billion people. The contribution of MSMEs to Sri Lanka’s economy represents a cornerstone of economic development that extends far beyond simple numerical metrics. These enterprises are the heartbeat of local economies, generating employment, fostering innovation, and serving as the backbone for sustainable development.
The summit theme ‘Business for MSMEs: Connecting the Entrepreneurs’ reminds of a fundamental truth: MSMEs do not thrive in isolation. They succeed when they are embedded in strong, resilient ecosystems, when they are connected to finance, to skills development, to markets, and most importantly, to one another, noted Dr. Weerasinghe.
Policymakers and development practitioners must work alongside MSMEs in simplifying processes, reducing barriers to formalisation, facilitating market access both locally and globally, and strengthening public-private partnerships. The challenges ahead are significant but not impossible. “We must address the skills gap that prevents many MSMEs from fully leveraging digital opportunities. We need to create more accessible pathways to international markets, helping our enterprises compete on the global stage. Infrastructure development, both physical and digital remains crucial for enabling MSME growth across all regions of our country,” stressed Dr. Weerasinghe.
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