The United States launched a new LKR 3.6 billion (USD 19.5 million) initiative to help small businesses and economically empower Sri Lankan women.

The Private Sector Development Project, which is funded through the U.S. Agency for International Development (USAID), will provide technical assistance and financing to small businesses in the tourism, technology, and commercial care industries, the U.S. Embassy said in a statement Thursday.

It will also help Sri Lanka weather the economic impact of COVID-19 by providing much- needed financial assistance through which businesses will be able to expand job opportunities for women and increase profits thanks to better business practices. Strengthening resilience in the face of the pandemic is a key step toward a post-COVID economic recovery.

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