SME Bank introduces loan scheme for Ayurveda sector

THE SME Bank will support small enterprises in the Ayurveda sector by providing them with the necessary finances.

This was disclosed at a meeting held with representatives of the Ayurveda sector at the Ministry of Advanced Technology and National Enterprise Development recently. Minister Rohitha Bogollagama chaired the meeting.

It was informed at the meeting that there are around 300 small scale producers and six large scale producers of Ayurveda products in the country.

The representatives said that almost all the small scale producers are graduates and they are in a position to produce Ayurveda products for the export market where there is a big demand.

The representative of the Ministry of Indigenous Medicine said that the import of 26 medicinal herbs from India, which can be cultivated in Sri Lanka, has been banned and Rs.100 million project is in operation in Anuradhapura to cultivate these herbs.

He also said that if a loan scheme can be introduced the Ministry will help in identifying the real suppliers.

There are around 15,000 Ayurveda Doctors in the country out of which 6,000 are graduates. Every year 500 more graduates come out from the Universities. On the instructions of Minister Bogollagama, the SME Bank has launched a scheme to support entrepreneurship in the Ayurveda sector.

Officials of the Bank has prepared a credit policy for the sector. Initially areas such as setting up of Ayurvedic laborataries ayurveda clinics, improvements to existing facilities and introducing advanced technology for the production of ayurveda medicine will be considered to provide credit facilities the Minister said. Under the credit scheme up to a maximum of Rs.1 million will be provided.