A new loan scheme with a subsidized interest rate of 7% has been introduced for small and medium enterprises (SMEs), State Finance Minister Ranjith Siyambalapitiya said.
Based on a loan from the Asian Development Bank, the new scheme has an allocation of Rs.50 billion, launched with the view of strengthening small and medium enterprises, he said.
The Minister made these comments while addressing a media briefing held at the Presidential Media Centre.
Under this scheme, small and medium enterprises can receive loans up to a maximum of Rs.10 million.
Additionally, Rs.6 billion will be allocated for the development of small tea gardens, and Rs.2 billion will be designated for women entrepreneurs, the Minister said.
The Minister revealed these details, commenting on the positive steps taken by the Government in its economic recovery efforts.
In March this year, the ADB approved a $100 million loan to provide SMEs in Sri Lanka more access to finance and build their resilience to external shocks, such as the economic crisis and climate change. (Newswire)
