Germany supports 1000 SANASA Thrift and Credit Cooperative Societies

 On March 12, 2007, SANASA Development Bank and ProMiS (Promotion of the Microfinance Sector) signed a Financial Agreement under which the German Government provides more the LKR 22 million to upgrade 1000 Thrift and Credit Cooperative Societies (TCCS) in all districts of Sri Lanka.

 ProMiS is a bilateral development cooperation program implemented by German Technical Cooperation (GTZ) on behalf of the German Government together with the Sri Lankan Ministry of Finance. The goal of the program is to enhance and improve the services of microfinance institutions to the poorer sections of society especially in the disadvantaged areas of Sri Lanka. The program applies a wide range of capacity building instruments to strengthen the Sri Lankan microfinance industry and to gradually integrate it into the financial sector.

 In light of the above; ProMiS has entered into a comprehensive collaboration with the SANASA movement to upgrade up to 1,000 selected SANASA Primary Thrift and Cooperative Credit Societies (TCCS). Under the name Sanasa Shakthi Project, Primary Societies will be standardized in order to become commercially viable and economically sustainable community based institutions. The Primary Societies will receive support to provide efficient and affordable financial services to their members and a wider clientele. In addition special emphasis is given in the program to extend the services of SANASA Shakthi project to strengthen societies working in the conflict affected District in North and Eastern Provinces.

 Addressing the occasion, Dr. Dirk, the Program Coordinator of Promis Project commented "SANASA is a unique partner because of their national structure and grass roots reach, and this program has a 150 percent local ownership."

Celebrating the occasion were the leaders of SANASA Federation, SANASA Insurance, SANASA Campus, SANASA Development Bank, and Ms Ingrid Fischer, Country Director of Canadian Co-operative Association.