ADB Backs Sri Lankan Female Entrepreneurs, Launches National WE Finance Code

• Sri Lanka has officially implemented the Women Entrepreneurs Finance Code (WE Finance Code) nationwide
• The event emphasized the economic impact of highlighting Pradeepa Nilanthi, a handbag entrepreneur from Monaragala, that proves as a testament to innovation and resilience
• The initiative is a strategic effort to eliminate financial hurdles for women-led enterprises

In a strategic effort to eliminate financial hurdles for women-led enterprises, Sri Lanka has officially implemented the Women Entrepreneurs Finance Code (WE Finance Code) nationwide on March 18, 2025. Spearheaded by Prime Minister Dr. Harini Amarasuriya in partnership with the Asian Development Bank (ADB), the initiative was unveiled at a prestigious event.

ADB Country Director Takafumi Kadono emphasized the economic impact of highlighting Pradeepa Nilanthi, a handbag entrepreneur from Monaragala, that proves as a testament to innovation and resilience. The newly introduced WE Finance Code reinforces Sri Lanka’s commitment to gender-inclusive financial policies by standardising data collection, implementing sex-disaggregated reporting, and mandating financial institutions to track gender disparities under Central Bank regulations. 

"Women entrepreneurs like Pradeepa drive economic expansion, fostering job creation and innovation," Takafumi emphasized, urging policymakers and financial institutions to strengthen support mechanisms. “This Code isn’t just about data—it’s about leadership and action,” Takafumi stressed. “When women hire, they hire women. So, investing in them creates a multiplier effect,” he noted, As Sri Lanka grapples with a female labor force participation rate stuck at 30%, Takafumi stressed that supporting women entrepreneurs is not just a social priority but also an economic necessity.

ADB Country Director Takafumi Kadono spotlighted the success of Pradeepa Nilanthi during his keynote address at the WE Finance Code launch. Pradeepa’s handbag business sored to new heights in 2019 beginning from minimal resources in 2014, with thrust from financing from ADB’s Women Entrepreneurs’ Finance Initiative (WE-Fi). The capital infusion enabled her to increase daily production from 2,500 to 5,000 units and provide jobs for 14 women in her community.