State Mortgage Bank new Chairman assumes duties

Ramani KANGARAARACHCHI

Sri Lanka can be made Asia's miracle if its resources are handled creatively and efficiently. Assuming duties the newly appointed State Mortgage Bank Chairman Dr.Jagath Wellewatta said that as Sri Lanka is a small country with a sizable population it is a possible change and the State Mortgage Bank will focus on the concept of 'House and Electricity for all', In achieving its objectives. He assured of the protection of the funds of the bank with the support of all parties concerned.

State Mortgage Bank, Acting General Manager Indrani Wimalasena said that the bank has provided loans worth of Rs.1.3 billion to over 100,000 people so far and arrangements have been made to re-commence the district level loan scheme for agriculture. The Central Bank has advised to give 10 percent of the capital of the bank as loans for agricultural purposes.

The State Mortgage bank is the smallest State bank in the country started in 1931. It provides loans for property development, agricultural projects and housing, In 1991 the bank obtained permission to accept deposits from the public and at present there are 12 branches in the country.