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20,000 SMIs to be set up islandwide

by Manjula Fernando and Rajmi Manatunga

The government will start 20,000 small and medium enterprises islandwide to assist micro entrepreneurs and create employment.

Cabinet spokesman Minister G.L. Peiris said yesterday that the decision was taken to generate employment and develop the country's economy.

"Small and medium scale enterprises are the backbone of the Lankan economy. The Asian Development Bank (ADB) has granted US $ 60 million to start enterprises islandwide and these funds will be used to assist those who are prevented by the traditional methods from starting enterprises due to the lack of capital," he said.

Minister Peiris said that the project will be combined with the government's decision to establish Regional Commissions of the Board of Investment in different parts of the country which was passed in Parliament in December 2002.

"These projects will create a large number of jobs. The idea is to provide capital for small people with creativity to start their own enterprises."

The project proposals for the grant of capital should be identified by the investors and forwarded through five national banks to the Industries Ministry which co-ordinates the programme.

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