President initiates 1,785 micro-enterprises in Northern and Eastern Provinces

Monday, 6 March 2017 01:10 - - {{hitsCtrl.values.hits}}

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President Maithripala Sirisena in his capacity as the Minister of National Integration and Reconciliation, with the concurrence of the Cabinet of Ministers on 28 February initiated action to establish 1,785 micro-enterprises in the Northern and Eastern Provinces under the Enterprise Based Village Development Project, said Ministry of National Integration and Reconciliation Secretary V. Sivagnanasothy.

The objective of establishing micro-enterprises in the Northern and Eastern Provinces is to improve the socio-economic standards of the conflict-affected communities and to address poverty and regional- disparities in the lagging areas.

It is proposed to establish micro-enterprises in 113 villages in the Northern and Eastern Provinces and the project will be supported by a concessionary micro-finance funding through the Regional Development Bank and SANASA. The total estimated cost is Rs. 446 million. Each Micro enterprise will receive a maximum assistance of Rs. 250,000. 25% of the estimated cost of each micro-enterprise initiative will be supported through a matching grant whereas 75% will be under loan, and the interest will also be backed by the Government funds, said Sivagnanasothy.

The Office for National Unity and Reconciliation (ONUR) chaired by former President Chandrika Bandaranaike Kumaratunga will give leadership to implement these projects.

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The projects will contribute towards the alleviation poverty and serve as a healing and reparation program to empower families affected by war.