Thursday Aug 21, 2025
Thursday Aug 21, 2025
Thursday, 21 August 2025 05:27 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers on Monday approved implementing a concessional loan scheme at 4% interest to build 50,000 young entrepreneurs in the agriculture and industry sector within the next five years.
Announcing the decision at the weekly post-Cabinet meeting media briefing yesterday, Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said the loan scheme will be rolled out with the Bank of Ceylon, People’s Bank, and Regional Development Bank.
“It has been proposed to provide a maximum loan facility of Rs. 5 million for each beneficiary and a 4% interest will be charged per annum,” he added.
He said the lack of concessionary financial facilities has been identified as an obstacle to grooming entrepreneurs in the agriculture and industry sectors to encourage investments. “The Government has observed that these conditions have been the reasons for reducing the attraction of young entrepreneurs to the agriculture sector, increasing uncultivated lands, and lowering food production,” he added.
Dr. Jayatissa said Rs. 500 million was allocated by the 2025 Budget to implement this concessionary loan scheme for the development of entrepreneurs in the agriculture and industry sectors.
The proposal to this effect was submitted by Agriculture, Livestock, Land, and Irrigation Minister K.D. Lalkantha.
