Treasury allocates Rs. 300 m to provide loans to SMEs

Saturday, 11 May 2013 00:00 - - {{hitsCtrl.values.hits}}

The Treasury has allocated Rs. 300 million for this year to implement the Small and Micro Industries Leader and Entrepreneur Promotion Project (SMILE III) project to provide financial facilities for small and medium scale entrepreneurs.

In terms of the provisions of the Loan Agreement between Japan Bank for International Cooperation (JBIC) and the Government of Sri Lanka, the proceeds of the Small and Micro Industries Leader and Entrepreneur Promotion Project (SMILE III) should be used as a Revolving Fund to grant ‘loans to Small and Medium Scale Entrepreneurs.

The cabinet has granted approval to a proposal made by the Minister of Industry and Commerce Rishad Bathiudeen to implement the SMILE III Revolving Fund Loan Scheme and to provide loans to Participatory Credit Institutions with funds available for the purpose in the Revolving Fund Account at the Central Bank.

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