Migrant workers and three-wheel owners to receive housing loans via Enterprise Sri Lanka project

Migrant workers and three wheel owners will receive concessionary housing loans upto Rs 10 million and Rs 2 million repsectively under the Enterprise Sri Lanka loan scheme, the Finance Ministry said.

Migrant workers will receive a Rs 10 million loan to be repaid in 15 years with a two year grace period.

Issuing a press release, the Finance Ministry said that this loan would assist migrant workers registered under the Foreign Employment Bureau to save a considerable remittance in a local bank.

Meanwhile, three-wheel owners over the age of 35 will receive a Rs 2 million concessionary loans in order to asssit them in converting to a mini taxi service.

The government would bear 75 percent of the interest rate for both loans, the release noted.

The Finance Ministry's release also said that cabinet had granted approval to expand the loan schemes even further.

Finance Minister Mangala Samaraweera has also proposed another loan scheme of providing Rs 10 million with 75 % interest concession to construct elderly care centres as the private sector investment.

The newly introduced loan schemes along with the previous schemes will be in effect this year as well.

Cabinet approval has been granted to allocate Rs 700 million to pay the interest rates to the Bank through which these loans will be channeled.

The Treasury has been authorized by the Cabinet to enter into agreements with State and private banks to extend the loan scheme for this year too.