The proposal to use Rs. 2 billion to implement a special loan scheme to remove obstacles for women to engage in economic activities has received a Cabinet nod.
According to the government, it has been observed that women’s participation in Sri Lanka’s economic affairs is at a lower level than in other regional and Asian countries.
As per the 2022 survey of Sri Lanka’s workforce, thirty-five per cent of the economically active population are women and it shows a significant disparity in the gender contribution rates of economic participation.
Opportunities for accessing financial resources are limited due to reasons such as women’s limited financial literacy and lack of property or security required to obtain a loan.
The government pointed out that these have been identified as the main obstacles faced by women entrepreneurs in Sri Lanka.
According to the decision of the Cabinet in February 2024, a provision of Rs. 20 billion has been allocated to implement an investment scheme to re-strengthen the enterprise sector.
Therefore, the Cabinet approved the proposal presented by the President to implement a special loan scheme to remove obstacles for women to engage in economic activities by using Rs. 2 billion out of the allocated Rs. 20 billion. (Newswire)