Microfinance credit facility program for debt-ridden in Northern and North Central Provinces

Saturday, 29 February 2020 00:00 - - {{hitsCtrl.values.hits}}

Cabinet approves proposal to raise maximum credit facility to Rs 60,000
Scheme implemented through Co-operative Rural Banks and Thrift and Credit Co-operative Societies

Cabinet gave approval on Thursday to continue the implementation of a microfinance credit facility program for the debt-burdened people of the Northern and North Central Provinces, by increasing the maximum credit limit to Rs. 60,000 per person.

The Treasury has released Rs. 542 million to facilitate this program, and it will operate as a revolving fund.

The loan scheme is implemented through Co-operative Rural Banks and Thrift and Credit Co-operative Societies, to provide relief to low income people who have obtained loans from various microfinance institutions.

Cabinet approved the proposal By Prime Minister Mahinda Rajapaksa in his capacity as the Minister of Finance, Economy and Policy Development to continue the loan program, and increase the maximum credit limit.