February 28, Colombo (LNW):The Sri Lankan government, under the guidance of President Ranil Wickremesinghe, has initiated a Rs.20 billion credit scheme aimed at rejuvenating the micro, small, and medium enterprise (MSME) sector. The Cabinet of Ministers has granted approval to the proposal, as announced by Cabinet Spokesman and Transport, Highways, and Mass Media Minister Dr. Bandula Gunawardhana during the weekly Cabinet media briefing.
Dr. Gunawardhana outlined that the Rs.20 billion project comprises two components, with Rs.15 billion allocated to strengthen existing and new enterprises. The remaining Rs.5 billion will be utilized to support enterprises categorized under non-performing loans. The economic downturn and external factors have posed challenges for entrepreneurs in sectors such as manufacturing, import, export, tourism, and apparel.
Addressing these difficulties, the Asian Development Bank has collaborated to provide working capital support for the Small and Medium Enterprise sector. The proposed credit scheme intends to offer facilities to existing micro, small, and medium-scale enterprises, facilitating their expansion and business recovery through licensed commercial banks and licensed specialized banks at concessional interest rates. This initiative aims to provide much-needed relief to entrepreneurs grappling with economic challenges and external impacts beyond their control.
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Source:: LNW English