Nestlé Lanka and Commercial Bank Join Forces to Advance Sustainable Dairy Farming in Sri Lanka
Source: The DairyNews
Nestlé Lanka, in collaboration with Commercial Bank of Ceylon, has launched a significant initiative aimed at bolstering sustainable dairy farming in Sri Lanka.
This partnership focuses on providing concessionary finance to dairy farmers, enabling them to enhance operations and increase milk production while incorporating regenerative agricultural practices to cut greenhouse gas emissions across the dairy value chain.
The initiative features a value chain financing program, tailored specifically to offer financial solutions at reduced interest rates to farmers. Commercial Bank is set to support community development efforts as well, which include initiatives to boost financial literacy and technical knowledge among dairy farmers, thereby improving their overall livelihoods. The goal is to engage 300 farmers in this program by the year's end, with 25 already selected to benefit from the initial phase.
Bernie Stefan, Managing Director of Nestlé Lanka, expressed enthusiasm about the collaboration: “We are excited to work closely with Commercial Bank of Ceylon on this financing program, which not only aims to uplift the livelihoods of our dairy farmers but also positively impacts the planet. Aligned with our mission to unlock the power of food to enhance quality of life for everyone, today and for generations to come, we are committed to achieving net-zero emissions by 2050 alongside our partners and dairy farmers.”
Sanath Manatunge, Managing Director/CEO of Commercial Bank of Ceylon, highlighted the bank’s specialized focus through its Agriculture and Microfinance Units (AMFU), dedicated to supporting this segment. “The expansion of our AMFU operations is a strategic move to stimulate economic growth and promote self-sufficiency in agricultural produce. This supply chain financing program, a collaboration between two reputable companies, is an optimal solution to the financial challenges faced by underbanked and unbanked communities, enabling them access to the formal financial system and fostering an environment that builds their competitiveness,” Manatunge added.
The initiative features a value chain financing program, tailored specifically to offer financial solutions at reduced interest rates to farmers. Commercial Bank is set to support community development efforts as well, which include initiatives to boost financial literacy and technical knowledge among dairy farmers, thereby improving their overall livelihoods. The goal is to engage 300 farmers in this program by the year's end, with 25 already selected to benefit from the initial phase.
Bernie Stefan, Managing Director of Nestlé Lanka, expressed enthusiasm about the collaboration: “We are excited to work closely with Commercial Bank of Ceylon on this financing program, which not only aims to uplift the livelihoods of our dairy farmers but also positively impacts the planet. Aligned with our mission to unlock the power of food to enhance quality of life for everyone, today and for generations to come, we are committed to achieving net-zero emissions by 2050 alongside our partners and dairy farmers.”
Sanath Manatunge, Managing Director/CEO of Commercial Bank of Ceylon, highlighted the bank’s specialized focus through its Agriculture and Microfinance Units (AMFU), dedicated to supporting this segment. “The expansion of our AMFU operations is a strategic move to stimulate economic growth and promote self-sufficiency in agricultural produce. This supply chain financing program, a collaboration between two reputable companies, is an optimal solution to the financial challenges faced by underbanked and unbanked communities, enabling them access to the formal financial system and fostering an environment that builds their competitiveness,” Manatunge added.
