Sri Lanka introduces financial facilities for revitalizing MSMEs

COLOMBO: Sri Lanka on Thursday introduced a comprehensive package of financial facilities under the patronage of President Ranil Wickremesinghe for re...

COLOMBO: Sri Lanka on Thursday introduced a comprehensive package of financial facilities under the patronage of President Ranil Wickremesinghe for revitalizing micro, small, and medium enterprises (MSMEs) in the South Asian country, according to the President's Media Division (PMD).

The package includes both investment and working capital facilities for such enterprises, the PMD said.

Fifteen participating financial institutions, including licensed commercial banks and specialized banks, are offering the loans at subsidized interest rates, the PMD said.

The PMD said loans are available at a concessional interest rate of 7 percent for a period of 10 years, with a maximum limit of 15 million Sri Lankan rupees (49,000 U.S. dollars), and that a total of 13 billion rupees (43 million dollars) have been allocated for the scheme.

The Ministry of Industries will issue recommendation letters to eligible enterprises who require financial support and have the potential to upgrade their operation to a higher level.