JBIC tranche of USD 150m for SME sector
BY ANJANA Samarasinghe
MINISTER of Advanced Technology and Enterprise Development Rohitha
Bogollagama said USD 150 million been allocated to boost small and micro
industries.
These funds will be distributed to industrialists through 11 banks as
a loan schemes. Small industrialists could borrow funds for the
expansion of their business or for technology upgrades.
This is a project funded by the Japanese Bank of international
Cooperation (JBIC).
Ministry of Advanced Technology and Enterprise Development
co-ordinates the project among 11 credit agencies.
The project will enable these credit agencies to refinance their
loans through JBIC. JBIC will release funds upto the allocation limit
for banks. Banks can claim their funds from JBIC through the Ministry.
Under this project, the Bank of Ceylon (BOC) has introduced two
unique loan schemes SMILE-3 and E-FRIENDS-2 for the Small and Micro
Industries. An official of BOC said two loan schemes provide funds
through the general loan scheme and technical transfer assistance
scheme.
SMILE-3 schemes specially focused at starting new venture, further
expansion of the business, quality improvement and skill development.
E-FRIENDS-2 is designed to assist in introducing environmental friendly
manufacturing processes for small and micro industries.
E-FRIENDS-2 general scheme provide up to Rs. 50 million at an
interest of 6.5% per annum and technical assistance loan provide up to
Rs. 750,000 with 2% interest.
SMILE-3 general scheme funds up to Rs. 10 million with a 9% annual
interest rate and technical assistance loan scheme will provide up to Rs.
2.7 million with 2% interest. |