Rs. 500 m for international enterprise - Minister Bogollagama

A sum of Rs.500 million will be set a side from the next budget to support Sri Lankan entrepreneurs who embark on setting up of International Enterprise, said Minister Rohitha Bogollagama addressing officials of the regional Trade Chambers at the EDB Auditorium on Monday.

He further said that he has instructed the EDB officers to study the Singapore model on the International Enterprise. The meeting was called to discuss matters relating to the development of SME Sector through SME Authority, the role of Trade Chambers, and the SME Bank.

The SME Bank with it's head office in Colombo is opening up windows in 93 National Savings Bank branches throughout the Island. The Minister said that the idea of utilizing already established mechanisms to support the SME bank, without investing on lands and buildings is to cut down the operational cost of the Bank and pass the benefits to its customers.

He invited the regional Trade Chambers to link up with the Bank so that the regional chambers can spread the message across to local Entrepreneurs.

The Ministry is already looking at obtaining credit lines through foreign funding and discussions will be held by the end of this month with the European Investment Bank. Already 11 sectors have been identified by the SME Bank to provide credit facilities. With regard to exports the Bank is already working with the EDB and SLECIC. The link up with regional chambers will help the SME Bank to process loans.