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(Dec 28, 2010) Sri Lanka does not at present regulate the companies that provide micro-financing to businesses in the country. Although there have not been a large number of complaints about the industry, on December 20, 2010, it was reported that officials are considering regulation. The microfinance sector in Sri Lanka includes banks, finance companies, cooperatives, and NGOs; the interest rates on the loans these institutions provide have been called "very high." (Sri Lanka Government to Monitor Microfinance Sector, THE COLOMBO PAGE (Dec. 20, 2010), http://www.colombopage.com/archive_10C/Dec20_1292858141KA.php.)
A 2009 report on microfinance in Sri Lanka, jointly produced by the German sustainable development cooperative Deutsche Gesellschaft fűr Techische Zusommenarbeit and the Banking with the Poor Network, suggested that the lack of a cohesive regulatory structure has been a barrier to the growth of the industry. (Microfinance Industry Report: Sri Lanka 13 (2009), http://www.bwtp.org/files/Sri_Lanka_ELECTRONIC.pdf.)
- Author: Constance Johnson More by this author
- Topic: Banks and financial institutions More on this topic
- Jurisdiction: Sri Lanka More about this jurisdiction
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Last updated: 12/28/2010