Green loans get Cabinet nod

A concessionary loan scheme to encourage small-scale entrepreneurs to engage in sustainable income generation activities was approved by Cabinet this week. 

The schemed is aimed at providing financial assistance to packaging manufacturers to switch to biodegradable raw materials and improving facilities offered under the ‘Homestay’ program of the Tourism Development Authority, which is to be implemented through public and private sector banks. 

The scheme is part of the Enterprise Sri Lanka concessionary loans scheme designed under Budget 2018 set to disburse over Rs. 20 billion to encourage small- and medium-scale entrepreneurs and generate job opportunities. 

The proposal made by Finance and Mass Media Minister Mangala Samaraweera also included a revision of the interest rate charged under the Rivi Bala Saviya loan scheme disbursed through the program. 

Accordingly, the interest rate of the Rivi Bala Saviya loans scheme, designed to promote the usage of Rooftop Solar PV systems, will be revised to AWPLR + 2% from this month.