On 14.09.2023, the Chairman of Industrial Development Board, Dr. Saranga Alahapperuma, and the Chairman of Regional Development Bank, Mr. Susantha Silva, got into an MOU and accordingly the Regional Development Bank (RDB) was selected by the Industrial Development Board (IDB) as the official bank to provide loans from the Industrial Development Fund.

The Industry Development Fund enforced by the Industrial Development Act No. 36 of 1969 was Officially launched by the Minister of Industry and Plantation, Dr. Ramesh Pathirana during the National Industry Week at BMICH at the Industry Fair with an initial balance of Rs.10 million

At present, the money is being promoted through various projects and the MoU was signed with the Regional Development Bank as the official bank for the implementation of the Industry Loan Scheme for the small and medium enterprises all over the island.

The ‘Industry’ loan scheme will be implemented in a very short time under minimum documents, at a subsidized interest rate of 6% and in the first phase, 25 selected small and medium enterprises representing all the districts across the island subject to a maximum of 5 lakhs each is planned to give on September 18th 2023.

For this occasion IDB officials led by Mrs. Renuka Jayalath, Director of Entrepreneurship Development Division of Industrial Development Board and RDB officials led by Mr. Palitha Sumedha, General Manager of the Regional Development Bank joined.