Indrajit Coomaraswamy: Social enterprise & social finance

Keynote speech by Dr Indrajit Coomaraswamy, Governor of the Central Bank of Sri Lanka, at the International Conference on Social Enterprise & Social Finance, Colombo, 28 January 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

A Social Enterprise is recognized as an important business model that applies new commercial strategies to maximize improvements in financial, social and environmental well-being. In fact, it is a tool for creating positive social impact; promoting social change; and achieving environmental sustainability. Social enterprises contribute in multiple ways to enhance social inclusion while nurturing women and youth with economic empowerment.

Sri Lanka's efforts to increase Social Enterprise & Social Finance date back to the late 20th century. The early efforts took the form of loans that were granted to overcome the major barriers SMEs faced in raising capital through traditional methods. Thereafter, various measures have been taken to promote and support social enterprises by providing educational, technical and business support services in addition to finance:

❖ Numerous schemes over the years to promote SMEs