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25 industrialists are selected for the first loan from the Industrial Development Fund…

The Industrial Development Board coming under the purview of the Ministry of Industries together with the Regional Development Bank, initialized “The Industrial Development Fund”, which will provide loans to develop enterprises in Sri Lanka. Under this fund loans will be provided for micro, small and medium enterprises. As the initial phase 25 industrialists were granted loans to a maximum of 5 lacks per person. The awarding of letters took place today (18.09.2023) at the Ministry of Industry under the chairmanship of the Minister of Industries and Plantation Industries Dr. Ramesh Pathirana.

An amount of 6.5 million will be awarded in the first phase to 25 selected micro, small and medium scale entrepreneurs representing each district of Sri Lanka subject to a 3 year payment period at an annual interest rate of 6%.

According to the Industrial Development Act No. 36 of 1969 enforced by the Ceylon Industrial Development Board, after 54 years, the Industry Development Fund was recently implemented by the Minister of Industry and Plantation, Dr. Ramesh Pathirana, during the National Industry Week at BMICH. It was officially launched at the industry fair with an initial balance of Rs.10 million. The industrial development fund, which has grown to 15 million rupees so far, is expected to increase  to one billion rupees by next year.

Speaking on this occasion, the Minister of Industries and Plantation Industries, Dr. Ramesh Pathirana stated that by next year, efforts will be made to further strengthen the Industrial Development Fund so that all micro, small and medium enterprises can get loans. He also said that due to the paperwork problems that occur during the granting of loans by commercial banks and some state banks, many industrialists are resorting to obtaining loans through informal means, which has a negative impact on the industrialists and that the Minister of Industry will take the necessary measures to change the situation. Also, the minister expressed his thanks for the work done by the Industrial Development Board to improve small and medium entrepreneurship in Sri Lanka.

Mr. Susantha Silva, Chairman of the Regional Development Bank, who participated in this event, stated that RDB always supports the development of micro, small and medium scale enterprises and it is important to consider discipline as the first priority in entrepreneurship.

Mrs. Thilaka Jayasundara, Secretary of the Ministry of Industry, Dr. Saranga Alahapperuma, Chairman of the Industrial Development Board, Mrs. Renuka Jayalath, Director of the Industrial Development Board, officials of the Industrial Development Board, officials of the Regional Development Bank, entrepreneurs and others participated in this event.

Venue: Ministry of Industries