The Sri Lankan government is to integrate SMEs into the formal sector and also to establish hard and soft infrastructure frameworks to facilitate their growth.
Measures are being taken to improve access to credit, access to markets, and encourage integration of value chains connecting SMEs and large firms.
This was stated by Finance Minister Mangala Samaraweera when he delivered the inaugural address at the Asia-Pacific Rural and Agricultural Credit Association on October 8 at the Hilton Colombo.
The Government will encourage project-based lending rather than collateral based lending, rationalize upfront taxes that hinder expansion, and encourage knowledge sharing between R & D institutions and SMEs.
The government has identified the importance of the SME sector and initiated the ‘Enterprise Sri Lanka’ scheme to address some of these obstacles and minimise the SME finance gap in Sri Lanka.
Some of the issues targeted by this programme would be to make market interest rates more affordable by subsidising interest payments and addressing the pervasive issue of lack of collateral, he said.
Youth unemployment is addressed partly by enabling young graduates to start-up companies, through access to interest free loans.
There are several subsidised loans for the agricultural sector, at various points of the value chain, in an effort to improve productivity and value addition in that sector, he added. (BS)
You can share this post!
Content
The Judicial Service Commission (JSC) has interdicted Colombo Fort Magistrate Kosala Senadheera.
Mr. Ali Sabri Rahim, a Member of Parliament (MP) for Puttalam District whom an open warrant had been issued, attended a public ceremony at Al Aksha National School in Kalpitiya today (16) as the special guest of honor.
The Supreme Court today refused interim relief in an application filed by President’s Counsel Senaka Walgampaya seeking an Order from the Supreme Court compelling the President to appoint judges to fill the existing vacancies in the Court Of Appeal.
Gazette on new speed limit regulations to be issued within two weeks
Two underworld criminals wanted for multiple crimes, including murder, were brought from Dubai to Sri Lanka, today (12).
Senior DIG Nilantha Jayawardena has been sent on compulsory leave pending disciplinary investigation over his failure to prevent the Easter Sunday bombings.
Leave Comments