Opposition MP Kabir Hashim challenged in Parliament that he would cut off his ear if the government could establish a State Development Bank for Small and Medium-scale Enterprises (SMEs) within this year, as proposed in the 2025 Budget.
Addressing the Parliament today, MP Hashim said the government has not mentioned any fine details on the State Development Bank, further questioning if the government has the necessary funds and the steps taken in this regard.
“If the State Development Bank is established within this year, I will cut off my ear,” he said.
Responding to MP Hashim’s challenge, Minister Sunil Handunneththi said the opposition MP may have to cut off his tongue as the government has already commenced the necessary work regarding the bank.
Minister Sunil Handunneththi revealed that discussions are already underway with three state banks for Rs. 50 billion in funds for the proposed State Development Bank.
He further said that as a preliminary step, a regional bank has identified 15,000 farmers as potential beneficiaries, confirming that work was already underway concerning setting up a State Development Bank.
MP Kabir Hashim had raised concerns after President Anura Kumara Dissanayake announced that a State Development Bank would be established for the benefit of Small and Medium-scale Enterprises (SMEs).
Presenting the 2025 Budget proposals on Monday, the President further said the State Development Bank would be set up under the existing state banking system. (Newswire)