The Cabinet of Ministers on Monday approved signing a cooperation agreement between the Export Development Board of Sri Lanka (EDB) and the International Finance (IFC) aimed at transforming this SME sector.

The proposal presented by President Ranil Wickremesinghe in his capacity as the Investment Promotion Minister received the necessary clearances from the Attorney General and the recommendations from the Foreign Affairs Ministry, paving the way for the agreement’s formalisation.

“This agreement forms part of a broader initiative by the EDB to foster new exporters and expand the country’s export sector,” Cabinet Spokesman and Minister Bandula Gunawardena said on Tuesday at the weekly post-Cabinet meeting media briefing.