Japan gives Rs. 3.7 b grant to boost SMEs

Friday, 8 March 2013 00:53 - - {{hitsCtrl.values.hits}}

Cabinet approval has been given to accept Rs. 3.7 billion in grant assistance from the Japanese Government to promote small and medium industries, including the fisheries and industrial equipment sectors, as well as obtain medical equipment.

The Government of Japan has agreed to provide grant assistance amounting to Japanese Yen 2,678 million (approximately Rs. 3,749 million) for implementation of a range of projects, to promote Sri Lanka’s socioeconomic development.

These include a project for the construction of a dredger – Japanese Yen 988 million (approximately Rs. 1,383 million) for the procurement of a self-propelled grab hopper dredger to develop the fishery industry; a second project for the development of an intelligent transport information system for expressways in Sri Lanka – Japanese Yen 940 million (approximately Rs. 1,316 million) to provide necessary road traffic information to road users; in addition provision of Japanese SME products – Japanese Yen 200 million (approximately Rs. 280 million) for provision of industrial equipment to assist SMEs locally; lastly provision of medical equipment – Japanese Yen 550 million (approximately Rs. 770 million) for provision of medical equipment to teaching hospitals, secondary hospitals and medical research institutes, to improve healthcare facilities.

The above proposal submitted by the President, in his capacity as the Minister of Finance and Planning, was approved by the Cabinet.