The Asian Development Bank (ADB) has agreed to provide working capital support to revive affected enterprises.
A number of small and medium scale enterprises engaged in manufacturing, import, export, tourism, apparel and other commercial operations have discontinued, primarily as a result of the economic downturn.
Rupees 20 billion will be provided to entrepreneurs through licensed commercial banks and licensed specialized banks at concessional interest rates, the Cabinet has decided.
Rs 15 billion will be used to strengthen existing and new enterprises and the remaining amount of rupees five billion will be used to support enterprises under the non-performing loan category.
The Cabinet approved the proposal presented by the President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilization and National Policies.
Former President Ranil Wickremesighe was remanded till August 26 by Fort Magistrate Nilupuli Lankapura a short while ago.
Former President Ranil Wickremesinghe was arrested by the CID this afternoon in connection with the misuse of public funds.
Fort Magistrate Nilupuli Lankapura suspended sittings for half an hour a short while ago pending a decision on whether to grant bail or remand former President Ranil Wickremesinghe .
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