USAID promotes inclusive market-driven growth and resilience to economic shocks and stresses. Through activities that promote investments, strengthen workforce development, and improve the business climate for small and medium enterprises (SMEs), USAID supports Sri Lanka’s economic recovery from the COVID-19 pandemic and sustainable economic growth. To support Sri Lanka, mitigate resource-based shocks and stresses, USAID investments enhance environmental and climate resilience and improve energy security and sustainability.
PRIVATE SECTOR DEVELOPMENT (PSD): USAID’s PSD activity increases the competitiveness of small and medium enterprises (SMEs) to diversify Sri Lanka’s private sector and increase revenues in high growth sectors such as tourism, technology, and the commercial care industry. With a focus on increasing women’s participation in the labor force, the project improves market linkages, encourages the adoption of new technologies, increases innovation, and strengthens professional development to increase the growth of SMEs. It also responds to the economic and financial impacts of COVID-19.
Implementing Partner: Palladium; Total Estimated Cost: $19.5 million; Performance Period: May 2020 – May 2025
PARTNERSHIP FOR ACCELERATING RESULTS IN TRADE, NATIONAL EXPENDITURE AND REVENUE (PARTNER): The PARTNER activity works to minimize bottlenecks to trade, bolster Foreign Direct Investment (FDI), and strengthen the capacity of small and medium enterprises, private sector associations, and chambers of commerce to promote a vibrant private sector in Sri Lanka.
Implementing Partner: Deloitte Consulting, LLC; Total Estimated Cost: $19 million; Performance Period: August 2019 – August 2024
YOUTH EMPLOYMENT AND BUSINESS START-UP PROJECT (YOULEAD): USAID’s YouLead project supports inclusive economic growth by increasing youth employability. The project does this by strengthening vocational training for students, teachers, institutions, and entrepreneurs; improving workforce capacity to meet market demand; and linking with the private sector to encourage employment opportunities for youth. The project also works with the Ministry of Skills Development and Vocational Training to develop partnerships with businesses and training providers to leverage resources to prepare youth with market-ready skills.
Implementing Partner: International Executive Service Corps (IESC); Total Estimated Cost: $18.8 million; Performance Period: June 2017 – May 2024
INDO PACIFIC OPPORTUNITY PROGRAM (IPOP): USAID’s IPOP project provides technical assistance to the Sri Lankan Tourism Development Authority (SLTDA), of the Ministry of Tourism and aims to streamline and implement new policies and procedures to enable the fast tracking and attraction of Foreign Direct Investment (FDI) in the tourism sector.
Implementing Partner: International Development Group (IDG); Total Estimated Cost: $3.2 million. Performance Period: July 2022 – March 2024
DEVELOPMENT FINANCE CORPORATION (DFC): The U.S. International Development Finance Corporation (DFC) is America’s development bank. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. DFC also provides financing for small businesses and women entrepreneurs to create jobs in emerging markets. USAID facilitates DFC’s credit guarantee partnership with a local bank to provide financing to private, micro-, small-, and medium-sized enterprises throughout Sri Lanka. This activity helps entrepreneurs to access capital, expand businesses, and, ultimately, create more jobs.
Implementing Partner: U.S. International Development Finance Corporation; Performance Period: September 2018 – September 2025