Banks lend Rs 1600 billion for new ventures

Charumini DE SILVA

Bank lending interest rates have come down drastically to about seven to eight percent during the past one and half years.

Central Bank Governor Ajith Nivard Cabraal said banks have lent Rs 1,600 billion for economic activities during this period. The Central Bank ensured that inflation was brought down parallel to interest rates.

Carbral was speaking at the Business Today Top 10 award ceremony for 2008-2009 held Wednesday at the Hilton Colombo.

“Unemployment rates have been brought down. Political stability has been provided, business confidence levels are positive, business development levels have been uplifted to a level which we have never experienced in the past and our position has been stable.

“We have provided economic fundamentals, which is one of the most important areas as far as the economy is concerned,” Cabraal said.

Foreign investors are keen to enter the market and look at ways they could invest in our country.

He said many new opportunities are rising in the country and all economic activities have increased remarkably.

There are much modern ways to expand the business such as fisheries development, oil exploration and leisure industry.

One third of the land, which was not provided for our economy and two third of the coastal line has been added to make use for business and provide equal dividend to all segments of the society. The Governor said businesses need to reposition and understand the new benefits that the country is about to experience.

“Sri Lanka is already enjoying some of the benefits. But it will take us some time to absorb the whole as we do not feel it immediately. But in time to come we will see a prosperous country,” he said.

The Business Today Top 10 is a process to identify and recognize these torchbearers of Sri Lanka who prove to be worthy of their place in the Business Today Top 10 and continue to serve as beacons of corporate excellence and admiration. The survey is strictly based on published financial information of companies listed on the Colombo Stock Exchange.