RUEDA.... the Pioneer of Local Economic Development Agencies in Asia
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Ruhuna Economic Development Agency (RUEDA) is a Registered Private Limited Company, for the public (local administrations, decentralized parts of the national government, national services), private (associations, chambers of commerce, trade unions, producers’ organizations, banks), I/NGOs and civil (producer) societies engaged in economic development in the Southern Province.
The objective RUEDA is to enable joint design and implementation of a common development strategy in potential sub sectors, using local resources and competitive advantages in a global context. RUEDA objective is to promote community participation of stakeholders to have access to economic processes and realize that they themselves are an essential resource. One of the basic aims of RUEDA to include the poor and socially excluded to be brought into the economic circuit with the resources they lack is made available to them. The ultimate goal of RUEDA is to create decent jobs and stimulate sustainable economic development.
RUEDA approach ensures equality, inclusion of vulnerable groups (women, youth etc), sustainability, reduced environmental destruction, effective technical solutions and operational measures for development.
| Service Provided by RUEDA |
Services for economic promotion
- Identify the potentials of economic development
- Promotes a favorable climate to create an entrepreneurial culture
- Promotes productive groups strengthens the already existing institutions
- Supports people with fewer resources to access economic opportunities through economic activity: increase of public awareness, information, training, etc.
Services to production
- Technical and economic feasibility studies, training
- Offer financial support through credit granting
- Carry out an information system that guides productive activities
- Promote innovation and technological exchanges
Territorial promotion
- An analysis of the territory, identifying potentials and opportunities
- Carry out territorial marketing
- Promote territorial internationalization and projects for international partnerships
RUEDA credit programme will help the beneficiary to draw up business plans and provide inexpensive credit.
RUEDA has a Guarantee Fund for credit operations, formed as a revolving fund with resources provided by the UNDP Art Gold Sri Lanka. Ruhunu Development Bank and RUEDA share the need of striking a balance between development objectives and profitability (and hence financial sustainability) of operations and co-manage the Fund.
The loans will be secured for supporting strategic and economically viable investment projects in the selected sub sectors, identified and supported by RUEDA through the contribution of its members, and further appraised and approved by the Bank through a Credit Committee. The Fund will serve to guarantee the Bank, from the risk of default associated to clients that, by lacking full collateral, would be unable to access normal credit circuits.
The size of the loans will range between a minimum of 200.000 LKR and a maximum of 2Milion LKR. Loans aimed at financing consumption and business recurrent costs will not be applicable to the Scheme.
| It is a preferential partner for decentralized co-operation |
RUEDA has the opportunity to set up co-operation initiatives directly with their counterparts in developing economies. These new forms of co-operation aim to create horizontal, permanent channels of collaboration, mobilizing financial and technical resources and solidarity.
RUEDA has access to 55 such Local Economic Development Agencies (LEDAs) currently operating in many Latin American, African, East European countries, and they are gathered into the ILS LEDA network. These LEDAs are based on the experiences of the numerous similar structures operating in Europe since the ‘60s. Nevertheless, significant innovations have been introduced with regard to service supply methods, sustainability mechanisms, comprehensive management of economic promotion and the fight against poverty.
The international organizations that structurally support the establishment and efficacy of the LEDAs are: ILO, UNDP, UNIFEM, UNOPS, and European Union. Numerous donors support the LEDAs in different countries, committing the execution of economic development projects to them. The World Bank identifies them as best practices for local development promotion. OECD recommends the Local Economic Development Agencies as the leader structures of the territory.
| Founding Members of RUEDA |
Executive Board
- Hambantota District Chamber of Commerce
- University of Ruhuna
- Southern Provincial Centre for Disability
- Hambanthota Women Development Federation
- Multi Purpose Cooperative Society, Kotapola; Matara Municipal Council
- Deputy Secretary of Industries Southern Provincial Council
- Export Development Board (Southern Province Office)
- Cinnamon Cultivators Association (CinCA) Galle.
Other Members
- Southern Provincial Development Authority
- Ruhunu Development Bank
- Ruhunu Tourist Bureau
- Department of Export Agriculture
- ‘Yes’ Foundation
- Southern Development Authority (SDA)
- Matara District Chamber of Commerce & Industries
| How to obtain the membership in RUEDA... |
The institutions/organizations with a mandate and function relevant to local economic and territorial development can obtain membership if they fulfill the following criteria:
- Public institutions covering at least one District of the Southern Province. This includes:
(i) central government decentralized bodies
(ii) provincial government bodies
(iii) association of local authorities
- Chambers of commerce and any association or consortium of workers or entrepreneurs, covering at least one District of the Southern Province
- Producers groups and associations active in the different economic sectors, covering at least two Divisional Secretariats Divisions of the Southern Province
- Local associations and NGOs aimed at promoting the social and economic development of the territory, covering at least two Divisional Secretariats Divisions of the Southern Province
- Universities and research institutes
- Banks and financial institutions
Mr. Azmi Thassmi
President
RUEDA
Tel: (+94) 91 5625744
E-mail: azmi@hdcc.lk |
Mr. Deepthi Lamahewa
Technical Director
RUEDA
Tel: (+94) 91 5625744
E-mail: rueda.srilanka@gmail.com
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