Low interest bank loans for entrepreneurs

Action will be taken to provide bank loans at low interest rates for entrepreneurs to start small and medium level industries, with the intervention of the Traditional Industries and Small Enterprise Development Ministry, said Traditional Industries and Small Enterprise Development Minister Douglas Devananda. He said so in reply to a question raised by Colombo district MP Thilanga Sumathipala at a meeting of the Parliamentary select committee recently.

Minister Douglas Devananda with other officials at the meeting

Sumathipala said industrialists are unable to start industries although they are willing to do so.

It has been almost impossible owing to high interest rates, he said.

Minister Devananda said under the Divi Neguma programme, five ministries including his ministry, have taken up training self- employed persons. Equipment and financial assistance will be provided under the scheme to assist low income families.

Bank mobile visits were held in over 20 districts and over 95 percent were provided with bank loans. The programme will be expanded further.

The minister instructed IDB chief Udaya Sri Kariyawasam to submit him with a report at the next progress review meeting.

Committee Deputy Chairman Murugesu Chandrakumar, Ministry Secretary V Sivagnanasothy, Additional Secretaries Mangalika Adhikari and Susantha de Silva and other ministry officials participated.