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LDB reduces bad debt to 41%By Waruni Paranagamage Finance Minister Ravi Karunanayake yesterday asserted that the Government could recover 8% of bad debt of Lankaputhra Development Bank (LDB) through the support of the newly appointed administration of the bank. Speaking at the launch of the LDB ‘Siyapath Pubuduwa’ loan scheme, Minister Karunanayake said that the bank had reduced bad debt from 48.9% to 41% within the last two weeks. He said that although the bank was established in 2006 to serve Small and Medium Entrepreneurs (SMEs), it had more or less disbursed loans to large-scale business entrepreneurs. He said: “With the appointment of the new administration, we were able to increase the number of loan disbursements to SMEs.” LDB was established under Act No. 17 of 1982 to cater to the development of the agricultural and industrial sectors of the rural economy. The bank seeks to help rural folk from the construction, agriculture and industrial sectors by channelling finances toward them as well as providing them with advice and guidance. |
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