The government’s decision to stop issuing permits to migrant workers will have significant consequences for the country, where economic activities are driven by remittances, experts say.
Sri Lanka’s HNB has reported a smooth transition to contactless remittance transactions parallel to rising demand for digital remittances and cardless withdrawals during the coronavirus lockdown.
Since the economic slowdown resulting from the COVID-19 pandemic, work for many of them has dried up. The UN is supporting efforts to manage the large-scale influx of returnee workers.
IFC’s $50 Million In Support to Commercial Bank of Ceylon to Boost Finance for Small Businesses in Sri Lanka Amid COVID-19
The funding will be used to expand lending to small and medium-sized enterprises, with over a third dedicated to businesses owned by women.
The bond is the first Green Bond issued via Symbiotics’ sponsored bond issuance platform under its Sustainability, Social and Green Bond Framework which was certified in December 2019 by DNV GL.
Nepal, where remittance contribution to GDP in 2019 was equivalent to 27.3 percent, according to the World Bank, has lost nearly 50 percent of remittances in the past two months compared to the same period last year.
Sri Lanka-based fintech Genie has partnered with Bank of Ceylon to act as the financial acquirer and digitize payments through its mobile wallet solution.