FCCISL calls for tsunami compensation formula for businesses

BY RAMANI Kangaraarachchi

THE Federation of Chambers of Commerce and Industry of Sri Lanka (FCCISL) urged Minister of Advanced Technology Enterprise Development and Investment Promotion Rohitha Bogollagama to seriously consider a compensation formula for tsunami affected businesses which will be much more effective rather than providing credit facilities.

Secretary General FCCISL Samantha Abeywickrama addressing at the first year commemoration of Tsunami disaster held at the BMICH on Monday also requested the Government to bring about a closer and effective co-ordination mechanism in place in the overall economic rehabilitation effort as the country has major challenges ahead with the stepping into the second year of the disaster.

The Back to Business Project which is an initiative to help recover and develop tsunami affected enterprises and livelihoods has a budget of Rs 750 million at present which offers rehabilitation benefits to all types of affected through training ,counselling, financing, technology, policy and regulatory facilitation and market support.

Abeywickrama briefing about the progress of the Back to Business program said that it has support ed 2,345 affected livelihoods and micro enterprises with commodity and cash grants amounting to Rs. 45.3 million.

The program has mobilised 662 credit facilities worth of Rs. 446.4 million under the 'Susahana" credit scheme and has contributed to 10% of the total funds disbursed under the "Susahana" loan scheme.

A total number of 620 women also have been supported and 74 training sessions have been conducted which has given re-orientation training to 2,718 beneficiaries.

A total of 2,727 employment opportunities have been created and in terms of SME support, it has supported 648 small scale units and 268 medium scale units during the 10 months of its implementation Abeywickrama said.

The programme has also brought new members to the chambers in the affected areas and brought 300 new bank customers into the formal banking system. A number of donor agencies, beneficiaries, government officials and Director Back to Business project were present.

A candle was lit by each participant and two minutes silence was observed in commemoration the tsunami victims.