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Canada signs grant agreement with SANASA Development Bank

The Canadian Government, through the Canadian International Development Agency (CIDA) has signed an agreement with SANASA Development Bank (SDB) to grant C$1.3 Million for a project entitled “Debt Restructuring Program for SANASA Primary Societies in Tsunami Impacted Areas”. Acting High Commissioner for Canada, Ms. Rachael Bedlington and General Manager of SANASA Development Bank Mr. Nimal Mamaduwa, signed the agreement at an official ceremony held at the Holiday Inn on the 17^th of August, 2006.

This Canadian grant will directly support losses incurred by SANASA Primary Societies, whose 40,000 members were most affected by the Tsunami, losing family members, productive assets,  financial records and their cooperative infrastructure. This recapitalization will benefit the very poor, but also benefit other levels in SANASA, such as debts to SANASA Development Bank, by the Primary Societies.

The SANASA movement represents nearly 8,000 Primary Societies (PSs) with a membership of over 850,000 people throughout all districts of the country including the North and East.  Throughout its twenty years of history and under the leadership of Dr. P. A. Kiriwandeniya, SANASA has been a unifying force for regions ravaged by ethnic conflict and later by the 2004 Tsunami.  SANASA is committed to action through self-reliance and is an important cooperative network in the delivery of micro-finance, relief and development services.

SANASA has been an important development partner for Canada for more than two decades now. Speaking at the occasion, the Acting High Commissioner said: “together with CIDA, the Canadian Cooperative Association, Developpement Internationale Desjardin, and the Canadian Red Cross, Canadian assistance over the next 8 years to SANASA will amount to over $11 million Canadian dollars or more than 1 Billion Sri Lankan Rupees and this investment will greatly

assist SANASA in meeting the needs of its Primary Society members, throughout the country.”   

While meeting post-Tsunami reconstruction needs, the financial and technical assistance from Canadian partners will also contribute significantly to longer-term local and national development goals.  It will also continue the long-term partnership with CIDA and the Canadian Co-operative Association (CCA), which contributed to the emergence of the SANASA Educational Campus in Kegalle as the educational heart of the SANASA movement.

Dr. P. A. Kiriwandeniya, founder of SDB and current Chairman of People’s Bank, Mr. Calvin R. Piggott, First Secretary (Development), Canadian High Commission Ms. Kate Dunford-holt representing the Canadian Cooperative Association (CCA) and Van City Credit Union, Mr. Fritz Etienne from Canadian Redcross and Members from SANASA group and its Primary Societies were also present at this occasion.

Ms. Rachael Bedlington and GM of                                    Ms. Rachael Bedlington with Dr. P.A. Kiriwandeniya

SDB Mr. Nimal  Mamaduwa, signing

the agreement